TY  - UNPD
A1  - Assenmacher-Wesche, Katrin
A1  - Gerlach, Stefan
T1  - Financial structure and the impact of monetary policy on asset prices
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2008,30
N2  - We study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006, using single-country VARs and panel VARs in which we distinguish between groups of countries depending on their financial systems. The effect of monetary policy on property prices is about three times as large as its impact on GDP. Using monetary policy to guard against financial instability by offsetting asset-price movements thus has sizable effects on economic activity. While the financial structure influences the impact of policy on asset prices, its importance appears limited.
T3  - CFS working paper series - 2008, 30 
KW  - Geldpolitik
KW  - Aktienkurs
KW  - Wohneigentum
KW  - Grundschuld
KW  - Inflation
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/5830
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-57680
ER  -