Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/82353 
Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 75
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
Yes. Existing studies of the possible role of asset prices in monetary policy implicitly assume that central banks respond to asset price movements in a fully symmetric way. This paper offers a new perspective by allowing for different policy reactions to stock price increases and decreases, respectively. To avoid endogeneity problems, I employ the method of identification through heteroskedasticity. I then demonstrate that the reaction of the Federal Reserve has indeed been asymmetric during the period 1998- 2008. While a 5% drop in the S&P 500 index is shown to increase the probability of a 25 basis point interest rate cut by 1/3, no significant reaction to stock price increases can be identified.
Schlagwörter: 
Monetary Policy
Asset Prices
Asymmetries
JEL: 
E44
E52
E58
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
353.19 kB





Publikationen in EconStor sind urheberrechtlich geschützt.