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dc.contributor.authorSterken, Elmeren
dc.date.accessioned2009-01-28T15:53:16Z-
dc.date.available2009-01-28T15:53:16Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18843-
dc.description.abstractWe analyze the role of forward-looking indicators, like the IFO business climate indicator andasset prices, in German monetary transmission. We show that the use of both the IFOindicator and asset prices improves the performance and interpretation of a VectorAutoRegression (VAR) model of German monetary transmission. First, we show that theBundesbank responded more intensively to changes in the IFO indicator than to changes inGDP. Secondly, we address the role of housing and equity prices. We demonstrate thatespecially housing prices help to give a more accurate description of the recent history ofGerman monetary policy.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1204en
dc.subject.jelC82en
dc.subject.jelC22en
dc.subject.jelC53en
dc.subject.ddc330en
dc.subject.keywordmonetary transmissionen
dc.subject.keywordIFO business climate survey indicatoren
dc.subject.keywordhouse pricesen
dc.subject.keywordequity pricesen
dc.subject.stwGeschäftsklimaen
dc.subject.stwBörsenkursen
dc.subject.stwImmobilienpreisen
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwGeldpolitiken
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleThe role of the IFO business climate indicator and asset prices in German monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn856633682en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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