Arbeitspapier
Monetary policy and speculative stock markets
Financial market interactions can lead to large and persistent booms and recessions. Instability is an inherent threat to economies with speculative financial markets. A central bank's interest rate setting can amplify the expectation feedback in the financial market and this can lead to unstable dynamics and excess volatility. The paper suggests that policy institutions may be well-advised to handle tools like asset price targeting with care since such instruments might add a structural link between asset prices and macroeconomic aggregates. Neither stock prices nor indices are a good indicator to base decisions on.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMFS Working Paper Series ; No. 119
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
Computational Techniques; Simulation Modeling
- Thema
-
monetary policy
asset pricing
nonlinearity
heterogeneous expectations
credit constraints
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Boehl, Gregor
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2017
- Handle
- URN
-
urn:nbn:de:hebis:30:3-475930
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Boehl, Gregor
- Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
Entstanden
- 2017
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