Monetary policy and bubbles in a new Keynesian model with overlapping generations
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- dc.contributor.author Galí, Jordi
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:12Z
- dc.date.available 2024-11-14T10:10:12Z
- dc.date.issued 2016-12-01
- dc.date.modified 2024-11-14T10:05:31Z
- dc.description.abstract I analyze an extension of the New Keynesian model that features overlapping generations of Önitely-lived agents. In contrast with the standard model, the proposed framework allows for the existence of rational expectations equilibria with asset price bubbles. I examine the conditions under which bubbly equilibria may emerge and some of the implications for monetary policy. Monetary policies that lean against the bubble are shown to be potentially destabilizing, and likely to be dominated by ináation targeting policies
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1561
- dc.identifier.citation American Economic Journal: Macroeconomics, 13(2), 2021, 121-167
- dc.identifier.uri http://hdl.handle.net/10230/33900
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1561
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy rules
- dc.subject.keyword stabilization policies
- dc.subject.keyword asset price volatility
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Monetary policy and bubbles in a new Keynesian model with overlapping generations
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper