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Asset Prices, Nominal Rigidities, and Monetary Policy: Case of Housing Price

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  • Kengo Nutahara

Abstract

Carlstrom and Fuerst (2007) ["Asset Prices, Nominal Rigidities, and Monetary Policy," Review of Economic Dynamics 10, 256-275] find that monetary policy response to share prices is a source of equilibrium indeterminacy in a stickyprice economy. We find that if housing price is a target of a central bank, monetary policy response to asset price is helpful for equilibrium determinacy.

Suggested Citation

  • Kengo Nutahara, 2017. "Asset Prices, Nominal Rigidities, and Monetary Policy: Case of Housing Price," CIGS Working Paper Series 17-001E, The Canon Institute for Global Studies.
  • Handle: RePEc:cnn:wpaper:17-001e
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    File URL: https://www.canon-igs.org/en/column/170201_nutahara.pdf
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    1. Nutahara, Kengo, 2015. "Do credit market imperfections justify a central bank׳s response to asset price fluctuations?," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 81-94.
    2. Kengo Nutahara, 2014. "What Asset Prices Should Be Targeted by a Central Bank?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(4), pages 817-836, June.
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    Cited by:

    1. Imran Hussain Shaha & Simón Sosvilla-Rivero, 2017. "Seeking price and macroeconomic stabilisation in the euro area: The role of house prices and stock prices," Working Papers del Instituto Complutense de Estudios Internacionales 1707, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.

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