Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen*
The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo- Saxon countries with continental Europe, the article provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption. Copyright Verein für Socialpolitik und Blackwell Publishers Ltd, 2005
Year of publication: |
2005
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Authors: | Illing, Gerhard ; Klüh, Ulrich |
Published in: |
Perspektiven der Wirtschaftspolitik. - Verein für Socialpolitik - VfS. - Vol. 6.2005, 1, p. 1-22
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Publisher: |
Verein für Socialpolitik - VfS |
Saved in:
freely available
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