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The Role of Asset Prices in the Monetary Transmission Mechanism

Author

Listed:
  • Michaela Skolková
  • Vladimír Stiller
  • Jan Syrovátka

Abstract

The paper examines the theoretical background of the role asset prices play in the monetary transmission mechanism. The authors firstly consider the determinants of asset prices and their contribution to monetary policy implementation. Secondly, they offer a definition of the key channels of monetary transmission mechanism, particularly the asset prices channel. The authors then concentrate on assets in the Czech Republic including the main determinants of asset prices. Finally, the authors use econometric methods to analyze relations between asset prices and macroeconomics aggregates and between asset prices themselves. The results reveal that most of the relations are weak, nevertheless, there are opportunities for asset prices to be used as subsidiary indicators.

Suggested Citation

  • Michaela Skolková & Vladimír Stiller & Jan Syrovátka, 2001. "The Role of Asset Prices in the Monetary Transmission Mechanism," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 51(9), pages 488-506, September.
    • Handle: RePEc:fau:fauart:v:51:y:2001:i:9:p:488-506
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    More about this item

    Keywords

    monetary policy; asset prices; monetary transmission mechanism;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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