Monetary Policy and Asset Price Bubbles: a model with endogenous labor supply

Student: Nikitin Dmitrij

Supervisor: Oxana A. Malakhovskaya

Educational Programme: Master

Year of Graduation: 2014

In this paper the problem of monetary policy "to combat bubbles" within a dynamic stochastic general equilibrium model was considered. In this case the model suggested by Gali (2014) was modified by introducing endogenous labor supply. The study found that application of the policy "to combat bubbles" in a model with endogenous labor supply would increase the <span title="В результате исследования было установлено, что применение политики "борьбы с пузырями" в рамках модели с эндогенным предложением труда приведет к увеличению волатильности "пузыря", по сравнению с первоначальной версией модели.">volatility of a "bubble", in comparison with the initial realise pattern. However, the introduction into the model of endogenous labor supply did not affect the optimum condition to minimize the volatility of the "bubble", resulting in Gali (2014)

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