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Asset Prices and Monetary Policy : National Bureau of Economic Research Conference Report - John Y. Campbell

Asset Prices and Monetary Policy

National Bureau of Economic Research Conference Report

Hardcover Published: 1st June 2008
ISBN: 9780226092119
Number Of Pages: 392

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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. 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.
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.

Introduction
Measuring the Macroeconomic Risks Posed by Asset Price Boomsp. 9
Comment
Expectations, Asset Prices, and Monetary Policy: The Role of Learningp. 45
Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraintsp. 103
Comment
Inflation Illusion, Credit, and Asset Pricesp. 147
Comment
Learning, Macroeconomic Dynamics, and the Term Structure of Interest Ratesp. 191
Comment
Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projectionsp. 247
Comment
The Effect of Monetary Policy on Real Commodity Pricesp. 291
Comment
Noisy Macroeconomic Announcements, Monetary Policy, and Asset Pricesp. 335
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?p. 371
Comment
Remarksp. 397
Contributorsp. 423
Author Indexp. 427
Subject Indexp. 431
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780226092119
ISBN-10: 0226092119
Series: National Bureau of Economic Research Conference Report
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 392
Published: 1st June 2008
Publisher: The University of Chicago Press
Country of Publication: US
Dimensions (cm): 23.8 x 16.3  x 3.18
Weight (kg): 0.92

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