Asset prices, inflation and monetary control : re-inventing money as a policy tool

Spahn, Peter

Asset prices, inflation and monetary control : re-inventing money as a policy tool

dc.contributor.author	Spahn, Peter	de
dc.date.accessioned	2024-04-08T08:44:17Z
dc.date.available	2024-04-08T08:44:17Z
dc.date.created	2010-09-21
dc.date.issued	2010
dc.description.abstract	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.	en
dc.identifier.swb	330310844
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5377
dc.identifier.urn	urn:nbn:de:bsz:100-opus-4944
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheimer Diskussionsbeiträge; 323
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	Open-market policy	en
dc.subject	Asset-price bubble	en
dc.subject	Euro money market	en
dc.subject	ECB strategy	en
dc.subject.ddc	330
dc.subject.gnd	Geldmarkt	de
dc.title	Asset prices, inflation and monetary control : re-inventing money as a policy tool	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.export.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}, }
local.export.bibtexAuthor	Spahn, Peter
local.export.bibtexKey	Spahn2010
local.export.bibtexType	@techreport
local.faculty.number	3	de
local.institute.number	520alt	de
local.opus.number	494
local.series.issueNumber	323
local.series.title	Hohenheimer Diskussionsbeiträge
local.university	Universität Hohenheim	de
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institut für Volkswirtschaftslehre (bis 2010)	de

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