Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/1306
Título: | Monetary policy, investment and non-fundamental shocks |
Autor(es): | Alexandre, Fernando |
Palavras-chave: | Investment Asset prices Inflation targeting Taylor rule Rational expectations |
Data: | 2002 |
Relatório da Série N.º: | Working paper series / NIPE 6 |
Resumo(s): | Using a sticky price model with endogenous investment and adjustment costs we analyse the benefits of monetary policy reacting to asset prices, when investment is under the influence of a non-fundamental shock, both for inflation-forecast targeting rules and for Taylor rules. We conclude that in this context there are benefits from reacting to asset prices that result from a more stable output gap, which is the consequence of a much lower volatility in firms’ investment. However, welfare gains depend on the source of asset price movements. Reacting to asset prices when there is a non-fundamental shock to investment stabilises both the asset price and inflation. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/1306 |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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investment1.pdf | 286,93 kB | Adobe PDF | Ver/Abrir |