文档介绍：NBER WORKING PAPER SERIES
ARY POLICY AND ASSET PRICE VOLATILITY
Ben Bernanke
Mark Gertler
Working Paper 7559
ers/w7559
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
February 2000
Presented at the Federal Reserve Bank of Kansas City conference on “New Challenges for ary Policy”,
Jackson Hole, Wyoming, August 26-28, 1999. The authors acknowledge research support from the National
Science Foundation. Refet Gurkaynak, Matthew Moore, Pau Rabenal, and Federico Ravenna provided
excellent research assistance. We thank Rudiger Dornbusch for ments. The views expressed
herein are those of the authors and are not necessarily those of the National Bureau of Economic
Research.
© 2000 by Ben Bernanke and Mark Gertler. All rights reserved. Short sections of text, not to exceed two
paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given
to the source.
ary Policy and Asset Price Volatility
Ben Bernanke and Mark Gertler
NBER Working Paper No. 7559
February 2000
JEL No. E5, E44
ABSTRACT
We explore the implications of asset price volatility for the management of ary policy.
We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset
prices e relevant only to the extent they may signal potential inflationary or deflationary
forces. Rules that directly target asset prices appear to have undesirable side effects. We base our
conclusions on (i) simulation of different policy rules in a small scale macro model and (ii) a
comparative analysis of recent . and Japanese ary policy.
Ben Bernanke Mark Gertler
Woodrow Wilson School of Public and Department of Economics
International Affairs New York University
Princeton University 269 Mercer Street, 7th Floor
Princeton, NJ 08544 New York, NY 10003
and NBER and NBER
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Presented at the Federal Reserve Bank of Kansas Cit