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Title:Financial structure and the impact of monetary policy on asset prices PDF Logo
Authors:Gerlach, Stefan
Assenmacher-Wesche, Katrin
Issue Date:2008
Series/Report no.:CFS Working Paper 2008/30
Abstract: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.
Subjects:Asset Prices
Monetary Policy
Panel VAR
JEL:C23
E52
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-57680
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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