Consumer and asset prices: Some recent evidence

Dieter Gerdesmeier, Hans-Eggert Reimers and Barbara Roffia

No 01/2015, Wismar Discussion Papers from Hochschule Wismar, Wismar Business School

Abstract: This paper models the relationship between consumer and asset prices (approximated by house prices, oil prices and the exchange rate) by means of a Markov Switching model (MS model). It can be shown that house prices appear to play a significant role in the determination of consumer prices in a high-inflation and a low-inflation regime, whereas oil prices and the exchange rate only unfold an impact in a high-inflation regime. Taken together, these results can be seen as being of help for the monetary policy decision-making process.

JEL-codes: D12 D13 E31 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-mac and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hswwdp:012015

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