By John Y. Campbell
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Extra info for Asset Prices and Monetary Policy
These include responding to either asset price growth or output growth. Our findings suggest that both of these policies are likely to do well in our environment. On the other hand, we find that responding to the level of asset prices, as considered in much of the previous literature, is a particularly bad policy. Thus, the destabilizing eﬀects of responding to asset price movements emphasized in previous studies may in part reflect the assumption that the monetary authority responds to the level of asset prices rather than their 48 Simon Gilchrist and Masashi Saito deviation from the potential level.
Stock. 2002. S. economy. Macroeconomic Dynamics 6 (1): 85–110. O. Svensson. 1999. Policy rules for inflation targeting. In Monetary policy rules, ed. J. B. Taylor, 203–46. Chicago: University of Chicago Press. Surico, Paolo. Forthcoming. S. monetary policy rules: The case for asymmetric preferences. Journal of Economic Dynamics and Control. O. 2007. Robust control made simple: Lecture notes. Princeton University. Unpublished Manuscript. Comment Andrew Levin This chapter addresses a crucial topic for monetary policymakers, namely, does an asset price boom substantially raise the likelihood of a subsequent macroeconomic crisis?
Adding asset prices to the monetary policy rule is unlikely to provide further benefits, even in situations where the private sector is uninformed about the economy’s true state of growth. In the presence of financial market imperfections, a policy that responds strongly to inflation eliminates much of the distortionary eﬀect of asset price movements on economic activity. Nonetheless, with inflation stabilized, the economy still exhibits significant deviations of output from potential. By giving weight to asset prices in the monetary policy rule, the monetary authority can improve upon these outcomes.
Asset Prices and Monetary Policy by John Y. Campbell