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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ROME Discussion Paper Series No. 10-11
Verlag: 
Research On Money in the Economy (ROME), s.l.
Zusammenfassung: 
Low inflation on goods markets provides no reliable precondition for asset-market stability; it might even promote the emergence of bubbles because interest rates and risk premia appear to be low. A further factor driving asset demand is easy availability of credit, which in turn roots in the banking system operating in a regime of endogenous central-bank money. A comparison of Bundesbank and ECB policies suggests that credit growth can be controlled more efficiently if rising interest rates are accompanied by some liquidity squeeze that supports the spillover of a monetary restriction to capital markets. The announcement effect of a central bank Charter including the goal of financial-market stability helps to deter private agents from excessive asset trading.
Schlagwörter: 
Open market policy
asset price bubble
euro money market
ECB strategy
JEL: 
E5
Dokumentart: 
Working Paper

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