Monetary policy and stock market booms
NBER Working Paper No.
Historical data and model simulations support the following conclusion. Inflation is low during stock market booms, so that an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy. Adjustments to the interest rate rule can remove this source of welfare-reducing instability. For example, allowing an independent role for credit growth beyond its role in constructing the inflation forecast would reduce the volatility of output and asset prices.
Monetary Policy and Stock Market Booms
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IlutRoberto MottoMassimo Rostagno NBER Working Paper No. EFG Historical data and model simulations support the following conclusion. Bekaert, Hoerova, and Lo Duca w Risk, Uncertainty and Monetary Policy Schularick and Taylor w Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, Bordo and Wheelock w Monetary Policy and Asset Prices: A Look Back at Past Monetary policy and stock market booms. National Bureau of Economic Research, Massachusetts Ave.
Development of the American Economy. Automated stock trading system in excel Fluctuations and Growth. International Finance and Macroeconomics.
Monetary policy and stock market booms
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