Galí, JordiUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142016-12-01American Economic Journal: Macroeconomics, 13(2), 2021, 121-167http://hdl.handle.net/10230/33900I 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 policiesapplication/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsMonetary policy and bubbles in a new Keynesian model with overlapping generations<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">monetary policy rules</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">stabilization policies</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">asset price volatility</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Macroeconomics and International Economics</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>