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Gesamtwirtschaftliche Folgen von Vermögensblasen im internationalen Vergleich

Author

Listed:
  • Harm Bandholz
  • Oliver Hülsewig
  • Gerhard Illing
  • Timo Wollmershäuser

Abstract

Die vorliegende Studie wurde im Arbeitsbereich "Konjunktur und Finanzmärkte" erstellt und im Dezember 2005 abgeschlossen. Auftraggeber war das Bundesministerium der Finanzen. Gegenstand der Studie sind die Auswirkungen von Vermögenspreisschwankungen auf die gesamtwirtschaftliche Aktivität. In methodischer Hinsicht bedient sich die Studie ökonometrischer Zeitreihenverfahren. Vor dem Hintergrund theoretischer Begründungen wird damit vor allem nach empirischer Evidenz für den Einfluss von Aktienkurs- und Immobilienpreisänderungen auf das Bruttoinlandsprodukt und seine Komponenten, die Inflationsrate, die Geldpolitik und das Kreditvolumen in Deutschland, Großbritannien, Japan und den Vereinigten Staaten gesucht. Zusätzlich werden wirtschaftpolitische Implikationen der Ergebnisse für die Geld- und Fiskalpolitik sowie für die Regulierung der Finanzmärkte diskutiert.

Suggested Citation

  • Harm Bandholz & Oliver Hülsewig & Gerhard Illing & Timo Wollmershäuser, 2006. "Gesamtwirtschaftliche Folgen von Vermögensblasen im internationalen Vergleich," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 23, June.
  • Handle: RePEc:ces:ifobei:23
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    More about this item

    Keywords

    Vermögen; VAR-Modell; Kointegration; Lebenszyklus; Tobin's Q;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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