Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen

Illing, Gerhard und Klüh, Ulrich (2005): Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen. In: Perspektiven der Wirtschaftspolitik, Vol. 6, No. 1: pp. 1-22

Abstract

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.

• Item Type: Journal article
• Faculties: Economics; Economics > Chairs > Seminar for Macroeconomics
• Subjects: 300 Social sciences > 330 Economics
• Language: German