Monetary policy and bubbles in a new keynesian model with overlapping generations
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- dc.contributor.author Galí, Jordi, 1961-
- dc.date.accessioned 2021-04-07T08:41:11Z
- dc.date.available 2021-04-07T08:41:11Z
- dc.date.issued 2021
- dc.description.abstract I analyze an extension of the New Keynesian model that features overlapping generations of finitely lived agents and (stochastic) transitions to inactivity. In contrast with the standard model, the proposed framework allows for the existence of rational expectations equilibria with asset price bubbles. I study the conditions under which bubble- driven fluctuations may emerge and the type of monetary policy rules that may prevent them. I conclude by discussing some of the model’s welfare implications. (JEL E12, E32, E44, E52, E63)en
- dc.description.sponsorship I acknowledge the European Research Council for financial support under the European Union’s Seventh Framework Programme (FP7/2007–2013, ERC Grant agreement no. 339656). I am also thankful for generous financial support from the CERCA Programme/Generalitat de Catalunya and the Severo Ochoa Programme for Centres of Excellence in R&D.
- dc.format.mimetype application/pdf
- dc.identifier.citation Galí J. Monetary policy and bubbles in a new keynesian model with overlapping generations. Am Econ J Macroecon. 2021 Apr;13(2):121-67. DOI: 10.1257/mac.20180427
- dc.identifier.doi http://dx.doi.org/10.1257/mac.20180427
- dc.identifier.issn 1945-7707
- dc.identifier.uri http://hdl.handle.net/10230/47037
- dc.language.iso eng
- dc.publisher American Economic Association
- dc.relation.ispartof American Economic Journal: Macroeconomics. 2021 Apr;13(2):121-67
- dc.relation.projectID info:eu-repo/grantAgreement/EC/FP7/339656
- dc.rights © American Economic Association. Can be found at https://doi.org/10.1257/mac.20180427
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.subject.keyword Monetary policy rulesen
- dc.subject.keyword Stabilization policiesen
- dc.subject.keyword Asset price volatilityen
- dc.subject.keyword Macroeconomics and International Economicsen
- dc.title Monetary policy and bubbles in a new keynesian model with overlapping generationsen
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion