Monetary Policy and Rational Asset Price Bubbles: Comment

被引：23

作者：

Miao, Jianjun ^{[1
,2
,3
]}

Shen, Zhouxiang ^{[1
]}

Wang, Pengfei ^{[4
]}

机构：

[1] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA

[2] Southwestern Univ Finance & Econ, ICFS, Chengdu, Sichuan, Peoples R China

[3] Cent Univ Finance & Econ, CEMA, Beijing, Peoples R China

[4] Hong Kong Univ Sci & Technol, Dept Econ, Clear Water Bay, Hong Kong, Peoples R China

来源：

AMERICAN ECONOMIC REVIEW | 2019年 / 109卷 / 05期

关键词：

D O I：

10.1257/aer.20180145

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We revisit Gali's (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility and is optimal. Such a steady state and the associated MSV solution are E-stable.

引用

页码：1969 / 1990

页数：22

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