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dc.contributor.authorMiao, Jianjunen_US
dc.contributor.authorShen, Zhouxiangen_US
dc.contributor.authorWang, Pengfeien_US
dc.date2018-08-06
dc.date.accessioned2019-12-19T15:30:38Z
dc.date.available2019-12-19T15:30:38Z
dc.identifier.citationMiao, Jianjun, Zhouxiang Shen, and Pengfei Wang. 2019. "Monetary Policy and Rational Asset Price Bubbles: Comment." American Economic Review, 109 (5): pp. 1969-90. https://doi.org/10.1257/aer.20180145
dc.identifier.issn0002-8282
dc.identifier.urihttps://hdl.handle.net/2144/39018
dc.description.abstractWe revisit Galí’s (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility and is optimal. Such a steady state and the associated MSV solution are E-stable.en_US
dc.publisherAmerican Economic Associationen_US
dc.relation.ispartofAmerican Economic Review
dc.subjectEconomicsen_US
dc.subjectCommerce, management, tourism and servicesen_US
dc.titleMonetary policy and rational asset bubbles: Commentsen_US
dc.typeArticleen_US
dc.description.versionAccepted manuscripten_US
dc.identifier.doi10.1257/aer.20180145
pubs.elements-sourcemanual-entryen_US
pubs.notesEmbargo: Not knownen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, College of Arts & Sciencesen_US
pubs.organisational-groupBoston University, College of Arts & Sciences, Department of Economicsen_US
pubs.publication-statusPublisheden_US
dc.identifier.mycv422659


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