Asset Market Participation, Monetary Policy Rules, and the Great Inflation

Asset Market Participation, Monetary Policy Rules, and the Great Inflation
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at low asset-market participation rates, the interest... READ MORE...

Publication date: September 2006
ISBN 9781451864601
$18.00

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