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dc.contributor.authorChirinko, Robert S.en_US
dc.contributor.authorde Haan, Leoen_US
dc.contributor.authorSterken, Elmeren_US
dc.date.accessioned2008-07-22en_US
dc.date.accessioned2009-07-28T08:31:16Z-
dc.date.available2009-07-28T08:31:16Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26387-
dc.description.abstractThis paper examines the responses of private consumption, residential investment, and business investment in 11 EU countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural Vector Auto Regressive (SVAR) model, and four key findings emerge. First, the impacts of asset price shocks are heterogeneous across countries. Second, these heterogeneous responses are systematically related to cross-country variation in financial structure. We are thus able to document the importance of a wealth/balance sheet channel for private consumption and residential investment and an equity finance channel for business investment. Third, for a given country, housing shocks have a much greater impact than equity shocks. Fourth, variance decompositions indicate that monetary policy reacts to equity price shocks but not to housing price shocks. These results highlight the important role played by asset prices on real activity and fuel the debate about the inclusion of asset prices in the formulation of monetary policy.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2342en_US
dc.subject.jelE44en_US
dc.subject.jelE52en_US
dc.subject.jelE2en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policyen_US
dc.subject.keywordasset pricesen_US
dc.subject.keywordstructural VARen_US
dc.subject.stwWohnungsmarkten_US
dc.subject.stwBörsenkursen_US
dc.subject.stwSchocken_US
dc.subject.stwVAR-Modellen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwUSAen_US
dc.subject.stwJapanen_US
dc.titleAsset price shocks, real expenditures, and financial structure: a multi-country analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn572269684en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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