Should Central Banks Respond to Movements in Asset Prices

By Ben S. Bernanke, M. Gertler. 2001

1,283 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/7954ec50a479341d30e6fc0bb145fcf5d944ff9b

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

Leaning Against Boom-Bust Cycles in Credit and Housing Prices (2013, neutral): “lnπt − ιπlnπt−1 = βGC ( Etlnπt+1 − ιπlnπt ) − πln(Xt/X) + up,t (5)”
Why the Fed Should Ignore the Stock Market (2002, methodology): “The present paper differs from the Bernanke and Gertler (1999, 2001) line of research in several ways.”
Central banks and financial crises (2008, background): “The original Greenspan-Bernanke position that the official policy rate should not be used to tackle asset booms/bubbles is convincing (Greenspan (2002), Bernanke (2002), Bernanke and Gertler (2001)).”
Macro Factors in Bond Risk Premia (2005, methodology): “…factor analysis with a vector autoregressive framework to study the macroeconomic e¤ects of policy interventions or patterns of comovement in economic activity (Bernanke and Boivin (2003); Bernanke, Boivin, and Eliasz (2005), Giannone, Reichlin and Sala (2004, 2005); Stock and Watson (2005) ).”
House prices, borrowing constraints and monetary policy in the business cycle (2005, methodology): “Figure 1 presents impulse responses (with 95 percent bootstrapped confidence bands) from a VAR with detrended real GDP (Y ), change in the log of GDP deflator (π) , detrended real house prices (q), and Fed Funds rate (R) from 1974Q1 to 2003Q2.(5) I use this VAR to document the key relationships in t”
Monetary Policy Strategy: Lessons from the Crisis (2011, positive): “…during that period (Mishkin, 1978; Bernanke, 1983; and the survey in Calomiris, 1993), and it spawned a large literature on the role of financial frictions in business cycle fluctuations (e.g., Bernanke and Gertler, 1999, 2001; Bernanke, Gertler, and Gilchrist, 1999; Kashyap and Stein, 1994).”
Optimal Monetary Policy with Uncertain Fundamentals and Dispersed Information (2009, background): “2 Individual optimization Consider an individual household, who expects all other households to follow (1)-(2) and the central bank to follow (10)-(11).”