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[null,"1.","Record Nr.",null,"UNINA9910961251503321"]
[null,null,"Autore",null,"Bilbiie Florin"]
[null,null,"Titolo",null,"Asset Market Participation, Monetary Policy Rules, and the Great Inflation / / Florin Bilbiie, Roland Straub"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2006"]
[null,null,"ISBN",null,"9786613822536"]
[{"$nulls":4},"9781462367962"]
[{"$nulls":4},"1462367968"]
[{"$nulls":4},"9781452787473"]
[{"$nulls":4},"1452787476"]
[{"$nulls":4},"9781282586598"]
[{"$nulls":4},"1282586599"]
[{"$nulls":4},"9781451992199"]
[{"$nulls":4},"145199219X"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (34 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Soggetti",null,"Inflation (Finance)"]
[{"$nulls":4},"Monetary policy"]
[{"$nulls":4},"Banks and Banking"]
[{"$nulls":4},"Business Fluctuations"]
[{"$nulls":4},"Canada: 1913-"]
[{"$nulls":4},"Capital market"]
[{"$nulls":4},"Central Banks and Their Policies"]
[{"$nulls":4},"Consumption"]
[{"$nulls":4},"Cycles"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Economic History: Financial Markets and Institutions: U.S"]
[{"$nulls":4},"Economic History: Macroeconomics"]
[{"$nulls":4},"Economics"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Finance: General"]
[{"$nulls":4},"Financial Markets and the Macroeconomy"]
[{"$nulls":4},"Financial markets"]
[{"$nulls":4},"Financial services"]
[{"$nulls":4},"General Financial Markets: General (includes Measurement and Data)"]
[{"$nulls":4},"Growth and Fluctuations: U.S"]
[{"$nulls":4},"Hyperinflation"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Interest rates"]
[{"$nulls":4},"Interest Rates: Determination, Term Structure, and Effects"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Macroeconomics: Consumption"]
[{"$nulls":4},"Monetary Policy"]
[{"$nulls":4},"National accounts"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Real interest rates"]
[{"$nulls":4},"Saving"]
[{"$nulls":4},"Securities markets"]
[{"$nulls":4},"Studies of Particular Policy Episodes"]
[{"$nulls":4},"Wealth"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","\"September 2006\"."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"\"\"Contents\"\"; \"\"I. Introduction\"\"; \"\"II. Limited Asset Market Participation and Monetary Policy: Some Theory\"\"; \"\"III. Empirical Evidence\"\"; \"\"IV. Change in Structure of Economy or in Distribution of Shocks?\"\"; \"\"V. Conclusions\"\"; \"\"General Model\"\""]
[null,null,null,"Sommario/riassunto","This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at low asset-market participation rates, the interest rate elasticity of output (the slope of the IS curve) becomes positive - that is, \"non-Keynesian.\" Remarkably, in that case, a passive monetary policy rule ensures equilibrium determinacy and maximizes welfare. Consequently, we argue that the policy of the Federal Reserve System in the pre-Volcker era, often associated with a passive monetary policy rule, was closer to optimal than conventional wisdom suggests and may thus have remained unchanged at a fundamental level thereafter. We provide institutional and empirical evidence for our hypothesis, in the latter case using Bayesian estimation techniques, and show that our model is able to explain most features of the \"Great Inflation.\"."]