publ-ohne-podpubl-ohne-podSpahn, Peter2024-04-082024-04-082010-09-212010https://hohpublica.uni-hohenheim.de/handle/123456789/5377Low 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.engOpen-market policyAsset-price bubbleEuro money marketECB strategy330GeldmarktWorkingPaper330310844urn:nbn:de:bsz:100-opus-4944