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Asset Prices and Monetary Policy

Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals.  In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system.

The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.

Reviews

"At a time when the public has never been more involved in stocks, retiremenet funds, and real estate investments, this insightful study will be useful to all those concerned with the current state of the economy."

Apade

Table of Contents

     Acknowledgements

     Introduction
     John Y. Campbell

1.  Measuring the Macroeconomic Risks Posed by Asset Price Booms
     Stephen G. Cecchetti
     Comment: Andrew Levin
     Discussion Summary

2.  Expectations, Asset Prices, and Monetary Policy: The Role of Learning
     Simon Gilchrist and Masashi Saito
     Discussion Summary

3.  Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints
     Tommaso Monacelli
     Comment: Hanno Lustig
     Discussion Summary

4.  Inflation Illusion, Credit, and Asset Prices
     Monika Piazzesi an Martin Schneider
     Comment: Markus K. Brunnermeier
     Discussion Summary

5.  Learning, Macroeconomic Dynamics, and the Term Structure of Interest Rates
     Hans Dewachter and Marco Lyrio
     Comment: Jordi Galí

6.  Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections
     Glenn D. Rudebusch and John C. Williams
     Comment: Marvin Goodfriend
     Discussion Summary

7.  The Effect of Monetary Policy on Real Commodity Prices
     Jeffrey A. Frankel
     Comment: Lars E.O. Svensson
     Discussion Summary

8.  Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices
     Roberto Rigobon and Brian Sack
     Comment: Leonardo Bartolini
     Discussion Summary

9.  Is Bad News about Inflation Good News for the Exchange Rate? And, If So, Can That Tell Us Anything about the Conduct of Monetary Policy?
     Richard H. Clarida and Daniel Waldman
     Comment: Charles Engel
     Discussion Summary

     Remarks
     Donald L. Kohn
     Laurence H. Meyer
     William C. Dudley
     Discussion Summary

     Contributors
     Author Index
     Subject Index

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