Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/104153
Authors: 
Illing, Gerhard
Klüh, Ulrich
Year of Publication: 
2004
Series/Report no.: 
Munich Discussion Paper 2004-5
Abstract (Translated): 
The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo Saxon countries with continental Europe, the paper provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.
Subjects: 
Wealth Effect
Consumption
Monetary Policy
Vermögenseffekt
Konsum
Geldpolitik
JEL: 
E21
E44
E58
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.