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Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/9205
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dc.contributor.authorKontonikas, Alexandrosen_UK
dc.contributor.authorMontagnoli, Albertoen_UK
dc.date.accessioned2012-09-24T23:09:58Z-
dc.date.available2012-09-24T23:09:58Zen_UK
dc.date.issued2006-11en_UK
dc.identifier.urihttp://hdl.handle.net/1893/9205-
dc.description.abstractThis paper analyses the relationship between monetary policy and asset prices in the context of optimal policy rules. The transmission mechanism is represented by a linearized rational expectations model augmented for the effect of asset prices on aggregate demand. Stabilization objectives are represented by a discounted quadratic loss function penalizing inflation and output gap volatility. Asset prices are allowed to deviate from their intrinsic value due to momentum trading. We find that in the presence of wealth effects and inefficient markets, asset price misalignments from their fundamentals should be included in the optimal interest rate reaction function.en_UK
dc.language.isoenen_UK
dc.publisherWiley-Blackwellen_UK
dc.relationKontonikas A & Montagnoli A (2006) Optimal monetary policy and asset price misalignments. Scottish Journal of Political Economy, 53 (5), pp. 636-654. https://doi.org/10.1111/j.1467-9485.2006.00398.xen_UK
dc.rightsThe publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.en_UK
dc.rights.urihttp://www.rioxx.net/licenses/under-embargo-all-rights-reserveden_UK
dc.subjectMonetary policyen_UK
dc.subjectAsset pricesen_UK
dc.titleOptimal monetary policy and asset price misalignmentsen_UK
dc.typeJournal Articleen_UK
dc.rights.embargodate2999-12-31en_UK
dc.rights.embargoreason[OPTIMAL MONETARY POLICY AND ASSET PRICE MISALIGNMENTS.pdf] The publisher does not allow this work to be made publicly available in this Repository therefore there is an embargo on the full text of the work.en_UK
dc.identifier.doi10.1111/j.1467-9485.2006.00398.xen_UK
dc.citation.jtitleScottish Journal of Political Economyen_UK
dc.citation.issn1467-9485en_UK
dc.citation.issn0036-9292en_UK
dc.citation.volume53en_UK
dc.citation.issue5en_UK
dc.citation.spage636en_UK
dc.citation.epage654en_UK
dc.citation.publicationstatusPublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusVoR - Version of Recorden_UK
dc.author.emailalberto.montagnoli@stir.ac.uken_UK
dc.contributor.affiliationUniversity of Glasgowen_UK
dc.contributor.affiliationEconomicsen_UK
dc.identifier.isiWOS:000241197200005en_UK
dc.identifier.scopusid2-s2.0-33847029652en_UK
dc.identifier.wtid767544en_UK
dcterms.dateAccepted2006-11-30en_UK
dc.date.filedepositdate2012-09-24en_UK
rioxxterms.typeJournal Article/Reviewen_UK
rioxxterms.versionVoRen_UK
local.rioxx.authorKontonikas, Alexandros|en_UK
local.rioxx.authorMontagnoli, Alberto|en_UK
local.rioxx.projectInternal Project|University of Stirling|https://isni.org/isni/0000000122484331en_UK
local.rioxx.freetoreaddate2999-12-31en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/under-embargo-all-rights-reserved||en_UK
local.rioxx.filenameOPTIMAL MONETARY POLICY AND ASSET PRICE MISALIGNMENTS.pdfen_UK
local.rioxx.filecount1en_UK
local.rioxx.source0036-9292en_UK
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