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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms

Bordo, Michael D. - 2011

This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...

Persistent link: https://www.econbiz.de/10013127756

Non-Monetary News in Central Bank Communication

Cieslak, Anna - 2018

We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...

Persistent link: https://www.econbiz.de/10012911101

Asset Price Inflation and Monetary Policy

Schwartz, Anna Jacobson - 2021

It is crucial that central banks and regulatory authorities be aware of effects of asset price inflation on the stability of the financial system. Lending activity based on asset collateral during the boom is hazardous to the health of lenders when the boom collapses. One way that authorities...

Persistent link: https://www.econbiz.de/10013222893

Monetary Policy and Asset Price Volatility

Bernanke, Ben; Gertler, Mark - 2021

We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary...

Persistent link: https://www.econbiz.de/10013245101

The "News" View of Economic Fluctuations : Evidence from Aggregate Japanese Data and Sectoral U.S. Data

Beaudry, Paul; Portier, Franck - 2021

both Japan and the U.S., innovations in stock prices that are contemporaneously orthogonal to TFP precede most of the long …

Persistent link: https://www.econbiz.de/10013225845

Speculative Behavior in the Stock Markets : Evidence from the United States and Japan

Shiller, Robert J. - 2010

There have been enormous differences of opinion between U.S. and Japanese institutional investors about the outlook for stock prices, differences across the two countries in average one-year-ahead forecasts for the Japanese stock market as great as twenty percentage points. In the past two years...

Persistent link: https://www.econbiz.de/10012763382

Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?

Chinn, Menzie David; Dooley, Michael P. - 2021

We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese … that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan …

Persistent link: https://www.econbiz.de/10013245712

U.S. Monetary Policy Regimes and U.S.-Japan Financial Relations

Roley, V. Vance - 2021

liberalization of restrictions on capital mobility in Japan since the late 1970s on market efficiency …

Persistent link: https://www.econbiz.de/10013249380

Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

McCallum, Bennett T. - 2021

instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …

Persistent link: https://www.econbiz.de/10013216491

Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86

Fischer, Stanley - 2007

Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and … Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …

Persistent link: https://www.econbiz.de/10012777224