Liquidity, inflation and asset prices in a time-varying framework for the euro area
Christiane Baumeister (),
Eveline Durinck () and
Gert Peersman ()
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Christiane Baumeister: Ghent University
Eveline Durinck: Ghent University
Gert Peersman: Ghent University
No 142, Working Paper Research from National Bank of Belgium
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).
Keywords: Liquidity; asset prices; inflation; time-varying coefficients (search for similar items in EconPapers)
JEL-codes: E31 E32 E44 E51 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Persistent link: http://EconPapers.repec.org/RePEc:nbb:reswpp:200810-17
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