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dc.contributor.authorHoffmann, Andreasen
dc.date.accessioned2012-02-21-
dc.date.accessioned2012-02-21T14:44:02Z-
dc.date.available2012-02-21T14:44:02Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/55535-
dc.description.abstractThis paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era stock markets mattered for the Fed. In this period, the Fed lowered interest rates when stock prices fell, but did not raise interest rates in the boom. This asymmetry potentially put a downward pressure on interest rates. For the ECB, the exchange rate to the dollar played a role in monetary policy decisions until 2006. While I do not find evidence of asymmetric monetary policy with respect to the stock market, the ECB may be argued to indirectly have followed asymmetric US monetary policy via the exchange rate channel.en
dc.language.isoengen
dc.publisher|aUniversität Leipzig, Wirtschaftswissenschaftliche Fakultät |cLeipzigen
dc.relation.ispartofseries|aWorking Paper |x103en
dc.subject.jelE52en
dc.subject.jelE61en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordTaylor ruleen
dc.subject.keywordasset pricesen
dc.subject.stwGeldpolitiken
dc.subject.stwTaylor-Regelen
dc.subject.stwBörsenkursen
dc.subject.stwAktienmarkten
dc.subject.stwWechselkursen
dc.subject.stwDevisenmarkten
dc.subject.stwUSAen
dc.subject.stwDeutschlanden
dc.subject.stwEurozoneen
dc.titleDid the Fed and ECB react asymmetrically with respect to asset market developments?-
dc.typeWorking Paperen
dc.identifier.ppn686075579en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:leiwps:103en

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