Monetary Policy for a Bubbly World
NBER Working Paper No. 22639
---- Acknowledgements ----
We thank seminar participants at Stanford University, Santa Clara University, Nova Business School, Humboldt Universitat, and participants at the Barcelona GSE Summer Forum, the Conference on Banking, Monetary Policy and Macroeconomic Performance at Goethe Universitat Frankfurt, the Research Forum on Macro-Finance at the Bank of England, the Annual Research Conference at Sciences Po, the NBER Conference on Capital Flows and Debt in Emerging Markets, the Transpyrenean Macro Workshop, the 2015 SED Meeting, the Conference on Monetary Policy and Financial Instability at the Banque de France and the joint BoE, ECB, CEPR and CFM Conference on Credit Dynamics and the Macroeconomy. We thank Philippe Bacchetta, Wenxin Du, Marcus Hagedorn and Gregory Thwaites for very helpful discussions. Youel Rojas provided excellent research assistantship. We acknowledge support from the Spanish Ministry of Science and Innovation (grants ECO2011-23197), the Generalitat de Catalunya (grant 2014SGR-830 AGAUR), and the Barcelona GSE Research Network. In addition, both Martin and Ventura acknowledge support from the ERC (Consolidator Grant FP7-615651–MacroColl and Advanced Grant FP7-249588-ABEP, respectively), and Martin thanks the IMF Research Fellowship. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.