Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen

Arbeitspapier

The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo Saxon countries with continental Europe, the paper provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.

Object Details

• Language: Deutsch

References and Relationships

• Bibliographic citation: Series: Munich Discussion Paper ; No. 2004-5

Classification and Topics

• Classification: Wirtschaft ; Macroeconomics: Consumption; Saving; Wealth ; Financial Markets and the Macroeconomy ; Central Banks and Their Policies
• Subject: Wealth Effect ; Consumption ; Monetary Policy ; Vermögenseffekt ; Konsum ; Geldpolitik

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Illing, Gerhard ; Klüh, Ulrich
• Event: Veröffentlichung
• (who): Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
• (where): München
• (when): 2004

Further information

• DOI: doi:10.5282/ubm/epub.316
• Handle: http://hdl.handle.net/10419/104153
• URN: urn:nbn:de:bvb:19-epub-316-8
• Last update: 10.03.2025, 11:44 AM CET