A new version of this entry is available:
Loading...
ResearchPaper
2010
Asset prices, inflation and monetary control : re-inventing money as a policy tool
Asset prices, inflation and monetary control : re-inventing money as a policy tool
Abstract (English)
Low inflation on goods markets provides no reliable precondition for asset-market stability; it might even promote the emergence of bubbles because interest rates and risk premia appear to be low. A further factor driving asset demand is easy availability of credit, which in turn roots in the banking system operating in a regime of endogenous central-bank money. A comparison of Bundesbank and ECB policies suggests that credit growth can be controlled more efficiently if rising interest rates are accompanied by some liquidity squeeze that supports the spillover of a monetary restriction to capital markets. The announcement effect of a central bank Charter including the goal of financial-market stability helps to deter private agents from excessive asset trading.
File is subject to an embargo until
This is a correction to:
A correction to this entry is available:
This is a new version of:
Notes
Publication license
Publication series
Hohenheimer Diskussionsbeiträge; 323
Published in
Faculty
Faculty of Business, Economics and Social Sciences
Institute
Institut für Volkswirtschaftslehre (bis 2010)
Examination date
Supervisor
Edition / version
Citation
Identification
DOI
ISSN
ISBN
Language
English
Publisher
Publisher place
Classification (DDC)
330 Economics
Original object
Free keywords
Standardized keywords (GND)
Sustainable Development Goals
BibTeX
@techreport{Spahn2010,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5377},
author = {Spahn, Peter},
title = {Asset prices, inflation and monetary control : re-inventing money as a policy tool},
year = {2010},
school = {Universität Hohenheim},
series = {Hohenheimer Diskussionsbeiträge},
}