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Monetary Policy, Doubts and Asset Prices

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NBER2010-09-01 更新2025-01-04 收录
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https://www.nber.org/papers/w16386
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Asset prices and the equity premium might reflect doubts and pessimism. Introducing these features in an otherwise standard New-Keynesian model changes in a quite substantial way the nature of the policy that maximizes the welfare of the consumers in the model. First, following productivity shocks,
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2010-09-01
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