Transmission of Policy Shocks in a Monetary Asset-Pricing Model

Markus Mueller and Ulrich K. Schittko
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Markus Mueller: University of Augsburg, Department of Economics
Ulrich K. Schittko: University of Augsburg, Department of Economics, https://vwl.wiwi.uni-augsburg.de

No 188, Discussion Paper Series from Universitaet Augsburg, Institute for Economics

Abstract: In a framework of a two-country monetary asset-pricing model with production the effects of stochastic and structural fiscal and monetary policy shocks are investigated. The model is kept simple enough to allow the derivation of closed form solutions of the functional equation system for the equilibrium price functions. With money yielding liquidity services in the exchange process some correlation results are derived, especially for the impact of structural and stochastic policy shocks on stock prices, exchange rates etc. Furthermore it is investigated whether shares can provide protection against inflation resulting from monetary shocks.

JEL-codes: E44 E52 G12 G15 (search for similar items in EconPapers)
Date: 1999-11
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Persistent link: https://EconPapers.repec.org/RePEc:aug:augsbe:0188

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