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| SWD-Schlagwörter: |
| Geldmarkt |
| Freie Schlagwörter (Englisch): |
| open-market policy , asset-price bubble , euro money market , ECB strategy |
| Institut: |
| Institut für Volkswirtschaftslehre (bis 2010) |
| DDC-Sachgruppe: |
| Wirtschaft |
| Dokumentart: |
| ResearchPaper |
| Schriftenreihe: |
| Hohenheimer Diskussionsbeiträge |
| Bandnummer: |
| 323 |
| Sprache: |
| Englisch |
| Erstellungsjahr: |
| 2010 |
| Publikationsdatum: |
| 21.09.2010 |
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Veröffentlichungsvertrag mit der Universitätsbibliothek Hohenheim ohne Print-on-Demand
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| Kurzfassung auf Englisch: |
| Low inflation on goods markets provides no reliable precondition for asset-market stability; it might even promote the emergence of bubbles because interest rates and risk premia appear to be low. A further factor driving asset demand is easy availability of credit, which in turn roots in the banking system operating in a regime of endogenous central-bank money. A comparison of Bundesbank and ECB policies suggests that credit growth can be controlled more efficiently if rising interest rates are accompanied by some liquidity squeeze that supports the spillover of a monetary restriction to capital markets. The announcement effect of a central bank Charter including the goal of financial-market stability helps to deter private agents from excessive asset trading. |
