文章基本信息

标题：Limited asset market participation: does it really matter for monetary policy?
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作者：Guido Ascari – Andrea Colciago – Lorenza Rossi
期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2011
卷号：2011
出版社：Suomen Pankki = Bank of Finland
摘要：We study the design of monetary policy in an economy characterized by staggered wage and price contracts together with limited asset market participation (LAMP). Contrary to previous results, we find that once nominal wage stickiness, an incontrovertible empirical fact, is considered: i) the Taylor Principle is restored as a necessary condition for equilibrium determinacy for any empirically plausible degree of LAMP; ii) the implications of LAMP for the design of optimal monetary policy are minor; iii) optimal interest rate rules become active no matter the degree of asset market participation. For these reasons we argue that LAMP is not particularly important for monetary policy.
关键词：optimal monetary policy, sticky wages, non-Ricardian household, determinacy, optimal simple rules, E50, E52, Guido Ascari, Andrea Colciago, Lorenza Rossi