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Liquidity, Inflation and Asset Prices in a Time-Varying Framework for the Euro AreaChristiane BaumeisterBank of Canada Eveline John Durinckaffiliation not provided to SSRN Gert PeersmanGhent University - Department of Financial Economics October 16, 2008 National Bank of Belgium Working Paper No. 142 Abstract: In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle, credit cycle and monetary policy stance).
Number of Pages in PDF File: 55 Keywords: Liquidity, asset prices, inflation, time-varying coefficients JEL Classification: E31, E32, E44, E51, E52 working papers seriesDate posted: October 2, 2010Suggested CitationContact Information
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