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...
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2006
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| Series: | IMF Working Papers ;
Working Paper No. 06/200 IMF Working Papers; Working Paper ; No. 2006/200 IMF eLibrary |
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