Savings, asset scarcity, and monetary policy
This paper analyzes optimal monetary policy regarding asset markets in a model where money and savings are essential and asset markets matter. The model is able to explain why different regimes for the correlation of real interest rates and stock price-dividend ratios exist, and offers two explanati...
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| Format: | Article |
| Language: | English |
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Academic Press Inc.
2019
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| Online Access: | View Fulltext in Publisher |