Asset Prices and Monetary Policy

✍ Scribed by John Y. Campbell

• Publisher: University Of Chicago Press
• Year: 2008
• Tongue: English
• Leaves: 444
• Series: National Bureau of Economic Research Conference Report
• Edition: illustrated edition
• Category: Library

✦ Synopsis

Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. В In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. В В В В В В В В В В В  The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.

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✦ Table of Contents

Contents......Page 8
Acknowledgments......Page 10
Introduction......Page 12
1. Measuring the Macroeconomic Risks Posed by Asset Price Booms......Page 20
2. Expectations, Asset Prices, and Monetary Policy: The Role of Learning......Page 56
3. Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints......Page 114
4. Inflation Illusion, Credit, and Asset Prices......Page 158
5. Learning, Macroeconomic Dynamics, and the Term Structure of Interest Rates......Page 202
6. Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections......Page 258
7. The Effect of Monetary Policy on Real Commodity Prices......Page 302
8. Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices......Page 346
9. Is Bad News about Inflation Good News for the Exchange Rate? And, If So, Can That Tell Us Anything about the Conduct of Monetary Policy?......Page 382
Remarks......Page 408
Contributors......Page 434
Author Index......Page 438
Subject Index......Page 442