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Monetary policy and asset prices : empirical evidence from Nigeria

Igbinosa, Sunday O.; Obayagbona, Joel - In: Journal of finance and investment analysis 1 (2012) 4, pp. 73-87

Besides providing enhanced macroeconomic and financial stability, a commitment to optimum monetary policy conduct in a developing economy like Nigeria could better deliver greater long-run stability of both internal and external macroeconomic factors. The need for an ordered monetary policy...

Persistent link: https://www.econbiz.de/10009746072

Was Bernanke right? : targeting asset prices may not be a good Idea after all

Assenza, Tiziana; Berardi, Michele; Delli Gatti, Domenico - 2011

Should the central bank prevent "excessive" asset price dynamics or should it wait until the boom spontaneously turns into a crash and intervene only afterwards? The debate over this issue goes back at least to the exchange between Bernanke-Gertler (BG) and Cecchetti but has not settled yet. In...

Persistent link: https://www.econbiz.de/10009377794

Money, Prices, and Bubbles

O'Driscoll, Gerald P. - 2013

Both monetary policy and real factors played crucial causal roles in the housing boom and bust. Monetary policy distorted relative prices, particularly intertemporal prices. Prices play a critical role in allocating resources by signaling the relative scarcity of resources. Prices convey...

Persistent link: https://www.econbiz.de/10013083529

The Impact of Monetary Policy on Stock Market Bubbles and Trading Behavior : Evidence from the Lab

Fischbacher, Urs - 2013

This paper investigates the effect of monetary policy on stock market bubbles and trading behavior in experimental … observe a strong impact of our interest rate policy on liquidity in the stock market but only a small impact on bubbles …. However, we find that announcing the possibility of reserve requirements significantly reduces bubbles even when such …

Persistent link: https://www.econbiz.de/10013092749

Monetary policy and mispricing in stock markets

Beckers, Benjamin; Bernoth, Kerstin - 2016

asset pricing in line with rational bubbles. We show that the response of the excessive stock price component to a monetary …

Persistent link: https://www.econbiz.de/10011526074

Bank of Japan's exchange-traded fund purchases as an unprecedented monetary easing policy

Shirai, Sayuri - 2018

This paper highlights exchange-traded funds (ETF) purchases conducted by the Bank of Japan under Quantitative and Qualitative Monetary Easing with Yield Curve Control. The policy to indirectly purchase stocks is unprecedented in terms of the scale and duration among major central banks. The...

Persistent link: https://www.econbiz.de/10011894177

Money is the root of asset bubbles

Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024

This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is …

Persistent link: https://www.econbiz.de/10014467370

Limited liability, asset price bubbles and the credit cycle : the role of monetary policy

Mateju, Jakub - 2015

This paper suggests that non-fundamental component in asset prices is one of the drivers of financial and credit cycle. Presented model builds on the financial accelerator literature by including a stock market where limitedly-liable investors trade stocks of productive firms with stochastic...

Persistent link: https://www.econbiz.de/10010505148

Quantitative easing and exuberance in government bond markets : evidence from the ECB's Expanded Assets Purchase Program

Droes, Martijn; Lamoen, Ryan C. R. van; Mattheussens, Simona - 2017 - This version: 25 August 2017

This paper examines whether the ECB's Quantitative Easing (QE) policy is causing government bond prices to deviate from their fundamental value. We use a recent advance in the methodology to measure exuberant price behavior in financial time series introduced by Phillips et al. (2015). We extend...

Persistent link: https://www.econbiz.de/10011715916

Q-targeting in new Keynesian models

Heer, Burkhard; Maußner, Alfred; Ruf, Halvor - 2016

We consider optimal monetary policy in a model that integrates credit frictions in the standard New Keynesian model with sticky prices and wages as well as adjustment costs of capital. Different from traditional models with credit frictions such as Carlstrom and Fuerst (1998), the model is able...

Persistent link: https://www.econbiz.de/10011451285

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