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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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Eveline Durinck: Ghent University

No 142, Working Paper Research from National Bank of Belgium

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).

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
Date: 2008-10
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Persistent link: http://EconPapers.repec.org/RePEc:nbb:reswpp:200810-17

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