Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen
The 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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|Date of creation:||2005|
|Date of revision:|
|Publication status:||Published in Perspektiven der Wirtschaftspolitik 1 6(2005): pp. 1-22|
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Web page: http://www.vwl.uni-muenchen.de
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