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A GUIDE FOR SENIORS PROTECT YOURSELF AGAINST INVESTMENT FRAUD

Our results are as follows. We find that - within the confines of the set of models we consider - it is hard to account for a boom-bust episode (an episode in which consumption, investment, output, employment and the stock market all rise sharply and then crash) in a model that abstracts from nominal frictions. However, when we introduce an inflation targeting central bank and sticky nominal wages, a theory of boom-busts emerges naturally. In our environment, inflation targeting suboptimally converts what would otherwise be a small economic fluctuation into a major boom- bust episode. In this sense, our analysis is consistent with the view that boom-bust episodes. | SEC Office Investor Education Advocacy A Guide For SENIORS Protect Yourself Against Investment Fraud PREPARED BY THE OFFICE OF INVESTOR EDUCATION AND ADVOCACY LAí 7 SEC YOfX S Office Investor Education tint Advocacy A Guide For SENIORS Protect Yourself Against Investment Fraud A GUIDE FOR SENIORS PREPARED BY THE OFFICE OF INVESTOR EDUCATION AND .