Abstract

http://ssrn.com/abstract=217836
 
 

References (44)



 
 

Citations (215)



 
 

Footnotes (38)



 


 



Monetary Policy and Asset Price Volatility


Ben S. Bernanke


Board of Governors of the Federal Reserve System (FRB)

Mark Gertler


New York University - Leonard N. Stern School of Business - Department of Economics; National Bureau of Economic Research (NBER)

February 2000

NBER Working Paper No. w7559

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.

Number of Pages in PDF File: 75

working papers series





Download This Paper

Date posted: May 6, 2000  

Suggested Citation

Bernanke, Ben S. and Gertler, Mark, Monetary Policy and Asset Price Volatility (February 2000). NBER Working Paper No. w7559. Available at SSRN: http://ssrn.com/abstract=217836

Contact Information

Ben S. Bernanke (Contact Author)
Board of Governors of the Federal Reserve System (FRB)
20th Street and Constitution Avenue NW
Washington, DC 20551
United States
Mark Gertler
New York University - Leonard N. Stern School of Business - Department of Economics ( email )
269 Mercer Street
7th Floor
New York, NY 10003
United States
212-998-8931 (Phone)
212-995-4186 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Feedback to SSRN


Paper statistics
Abstract Views: 7,562
Downloads: 576
Download Rank: 25,524
References:  44
Citations:  215
Footnotes:  38
People who downloaded this paper also downloaded:
1. The Financial Accelerator in a Quantitative Business Cycle Framework
By Ben Bernanke, Mark Gertler, ...

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.297 seconds