Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65
bubbles in asset markets. In this case, the inclusion of asset prices in the monetary policy rule can eventually limit … the impacts of liquidity and interest shocks on real share and house prices. VAR models for the US, the euro area, Japan … and the UK are considered. While monetary policy does not affect share prices, it has a substantial impact on house prices …