Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/173267 
Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
IMFS Working Paper Series No. 119
Verlag: 
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), Frankfurt a. M.
Zusammenfassung: 
Financial market interactions can lead to large and persistent booms and recessions. Instability is an inherent threat to economies with speculative financial markets. A central bank's interest rate setting can amplify the expectation feedback in the financial market and this can lead to unstable dynamics and excess volatility. The paper suggests that policy institutions may be well-advised to handle tools like asset price targeting with care since such instruments might add a structural link between asset prices and macroeconomic aggregates. Neither stock prices nor indices are a good indicator to base decisions on.
Schlagwörter: 
monetary policy
asset pricing
nonlinearity
heterogeneous expectations
credit constraints
JEL: 
E44
E52
E03
C63
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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