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Excès de liquidité monétaire et prix des actifs

  • Gouteron, S.
  • Szpiro, D.

The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset markets. In the data covering the period going from 1980 to 2004 and relative to the United States, the euro zone, the United Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in asset prices, vector models taking into account the excess liquidity developments do not explain the movements of asset prices, and the extension of the quantitative equation of money to transactions on assets does not stabilize the money velocity.

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File URL: http://www.banque-france.fr/uploads/tx_bdfdocumentstravail/ner131.pdf
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Paper provided by Banque de France in its series Working papers with number 131.

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Length: 63 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:bfr:banfra:131
Contact details of provider: Postal: Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS
Web page: http://www.banque-france.fr/

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