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Monetary policy and asset price volatility

Author: Ben Bernanke; Mark Gertler; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2000.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7559.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary forces. Rules that directly target asset prices appear to have undesirable side effects. We base our conclusions on (i)  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ben Bernanke; Mark Gertler; National Bureau of Economic Research.
OCLC Number: 70123349
Notes: "February 2000."
Description: 1 online resource (74 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7559.
Responsibility: Ben Bernanke, Mark Gertler.

Abstract:

Abstract: We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary forces. Rules that directly target asset prices appear to have undesirable side effects. We base our conclusions on (i) simulation of different policy rules in a small scale macro model and (ii) a comparative analysis of recent U.S. and Japanese monetary policy.

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