IMF Working Paper Series

RESEARCH - In the working paper 'Monetary Policy and Asset Prices: Does "Benign Neglect" Make Sense?' Michael Bardo and Olivier Jeanne of the IMF's Research Department consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, they present some stylised facts on boom-bust dynamics in stock prices and then discuss the case for a preemptive monetary policy in the context of a stylised model.

Monetary Policy and

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