Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/55535
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dc.contributor.authorHoffmann, Andreasen_US
dc.date.accessioned2012-02-21en_US
dc.date.accessioned2012-02-21T14:44:02Z-
dc.date.available2012-02-21T14:44:02Z-
dc.date.issued2012en_US
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_US
dc.language.isoengen_US
dc.publisher|aUniv., Wirtschaftswissenschaftliche Fakultät |cLeipzigen_US
dc.relation.ispartofseries|aWorking Paper // Universität Leipzig |x103en_US
dc.subject.jelE52en_US
dc.subject.jelE61en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordTaylor ruleen_US
dc.subject.keywordasset pricesen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTaylor-Regelen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwAktienmarkten_US
dc.subject.stwWechselkursen_US
dc.subject.stwDevisenmarkten_US
dc.subject.stwUSAen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwEurozoneen_US
dc.titleDid the Fed and ECB react asymmetrically with respect to asset market developments?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn686075579en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:leiwps:103-

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