Arnold, I.; Els, P.J.A. van; Haan, J. de - de Nederlandsche Bank - 2002
European Central Bank (ECB). Causality tests indicate that nominal equity prices have predictive power for ECB policy …This paper explores the importance of wealth effects for monetary policy in the context of the policy strategy of the …. This means that, at least indirectly, monetary policy takes asset price developments into account. The results, however …