@techreport{Sterken2004role,
abstract = {We analyze the role of forward-looking indicators, like the IFO business climate indicator and
asset prices, in German monetary transmission. We show that the use of both the IFO
indicator and asset prices improves the performance and interpretation of a Vector
AutoRegression (VAR) model of German monetary transmission. First, we show that the
Bundesbank responded more intensively to changes in the IFO indicator than to changes in
GDP. Secondly, we address the role of housing and equity prices. We demonstrate that
especially housing prices help to give a more accurate description of the recent history of
German monetary policy.},
author = {Elmer Sterken},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C82; C22; C53; 330; monetary transmission; IFO business climate survey indicator; house prices; equity prices; Gesch\"{a}ftsklima; B\"{o}rsenkurs; Immobilienpreis; Transmissionsmechanismus; Geldpolitik; Sch\"{a}tzung; Deutschland},
language = {eng},
number = {1204},
title = {The role of the IFO business climate indicator and asset prices in German monetary policy},
type = {CESifo working papers},
url = {http://hdl.handle.net/10419/18843},
year = {2004}
}
