Liquidity, inflation and asset prices in a time-varying framework for the euro area

In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle, credit cycle and monetary policy stance).

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Year of publication:	2008
Authors:	Baumeister, Christiane ; Durinck, Eveline ; Peersman, Gert
Publisher:	Brussels : National Bank of Belgium
Subject:	Liquidität \| Inflationserwartung \| Konjunktur \| Geldpolitik \| Eurozone \| EU-Staaten \| Liquidity \| asset prices \| inflation \| time-varying coefficients

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Series:	NBB Working Paper ; 142
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	881141186 [GVK] hdl:10419/144355 [Handle] RePEc:nbb:reswpp:200810-17 [RePEc]
Classification:	E31 - Price Level; Inflation; Deflation ; E32 - Business Fluctuations; Cycles ; E44 - Financial Markets and the Macroeconomy ; E51 - Money Supply; Credit; Money Multipliers ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	EconStor

Persistent link: https://www.econbiz.de/10011506663