English, Article, Journal or magazine article edition: Financial Structure and the Impact of Monetary Policy on Asset Prices Katrin Assenmacher-Wesche; Stefan Gerlach

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Bookmark: http://trove.nla.gov.au/version/178930
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial Structure and the Impact of Monetary Policy on Asset Prices
Author
  • Katrin Assenmacher-Wesche
  • Stefan Gerlach
Physical Description
  • preprint
Notes
  • We study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006, using single-country VARs and panel VARs in which we distinguish between groups of countries depending on their financial systems. The effect of monetary policy on property prices is about three times as large as its impact on GDP. Using monetary policy to guard against financial instability by offsetting asset-price movements thus has sizable effects on economic activity. While the financial structure influences the impact of policy on asset prices, its importance appears limited
  • Asset Prices, Monetary Policy, Panel VARComplementarity, Exchange Rate Pass-Through
  • RePEc:cfs:cfswop:wp200830
Language
  • English
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