TY  - UNPD
A1  - Assenmacher-Wesche, Katrin
A1  - Gerlach, Stefan
T1  - Ensuring financial stability : financial structure and the impact of monetary policy on asset prices
T2  - Working paper series / Institute for Monetary and Financial Stability ; 16
N2  - This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006. We estimate VARs for individual economies and panel VARs in which we distinguish between groups of countries on the basis of the characteristics of their financial systems. The results suggest that using monetary policy to offset asset price movements in order to guard against financial instability may have large effects on economic activity. Furthermore, while financial structure influences the impact of policy on asset prices, its importance appears limited. Keywords: asset prices, monetary policy, panel VAR. JEL Number: C23, E52
T3  - Working paper series / Institute for Monetary and Financial Stability - 16 
KW  - asset prices
KW  - monetary policy
KW  - panel VAR
KW  - Value at Risk
KW  - Wohnraum
KW  - Aktienkurs
KW  - Inflation
KW  - Geldpolitik
KW  - Geschichte 1986-2006
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7030
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70465
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/Working%20Paper%202008_15%20Siekmann.pdf
ER  -