Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen
AbstractThe 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.
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Bibliographic InfoPaper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19509.
Date of creation: 2005
Date of revision:
Publication status: Published in Perspektiven der Wirtschaftspolitik 1 6(2005): pp. 1-22
Other versions of this item:
- Gerhard Illing & Ulrich Klüh, 2005. "Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(1), pages 1-22, 02.
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