NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence

Jordi Gali, Luca Gambetti

NBER Working Paper No. 19981
Issued in March 2014

---- Acknowledgements -----

We have benefited from comments by Andrea Ferrero, Mark Gertler, Refet Gürkeynak, Lucrezia Rieichlin, and seminar and conference participants at UB, CEMFI, NYU, the Barcelona GSE Summer Forum, the Time Series Econometric Workshop (U. Zaragoza), the Norges Bank Conference on "The Role of Monetary Policy Revisited", the NBER Conference on "Lessons for the Financial Crisis from Monetary Policy" and the OFCE Workshop on Empirical Monetary Economics. Galí acknowledges the European Research Council for financial support under the European Union's Seventh Framework Programme (FP7/2007-2013, ERC Grant agreement nº 339656). Gambetti gratefully acknowledges the financial support of the Spanish Ministry of Economy and Competitiveness through grant ECO2012-32392 and the Barcelona GSE Research Network. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Jordi Gali -----

I have an ongoing consulting relationship with the European Central Bank, the Sveriges Riksbank and the Norges Bank. I am a member of the Board of Directors of BanSabadell Inversión, an Barcelona-based investment fund.

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