房价、住宅抵押贷款信用和货币政策(pdf 36页)

Should the Bank respond to house price
growth?
• Use model with a financial accelerator in
household sector to answer this question
• Answer this question in the presence of
deviations from fundamentals
Baseline Model
• Model assessment
• Deviation from fundamental experiment
• Policy rule comparison
Household Financial Accelerator:
qAoki et al. (2002)
qIacoviello (2004)
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