MONETARY POLICY AND ASSET PRICES IN A SMALL OPEN ECONOMY: A FACTOR-AUGMENTED VAR ANALYSIS FOR SINGAPORE
نویسندگان
چکیده
منابع مشابه
Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy
I formulate a search-based asset-pricing model where equity shares and fiat money can be used as means of payment. I characterize a family of optimal stochastic monetary policies. Every policy in this family implements Friedman’s prescription of zero nominal interest rates. Under an optimal policy, equity prices and returns are independent of monetary considerations. I also study a perturbation...
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ژورنال
عنوان ژورنال: Annals of Financial Economics
سال: 2009
ISSN: 2010-4952,2010-4960
DOI: 10.1142/s2010495209500043