Studies on the role of asset prices and credit in the design of monetary and regulatory policy

Florian Kajuth

Munich Dissertations in Economics from University of Munich, Department of Economics

Abstract: The three chapters of this thesis look at the interaction of monetary and regulatory policy with financial markets. The first chapter analyses optimal monetary policy in the presence of liquidity constrained consumers, the proportion of which varies with house prices. In the second chapter, the hypothesis that expansionary monetary policy in response to a stock market crash might lead to excessive risk-taking by financial market participants is evaluated empirically. Finally, the last chapter provides a theoretical model to assess the impact of minimum bank capital requirements on the fluctuation of aggregate bank lending when banks hold different levels of capital over and above the required minimum.

Keywords: House prices; liquidity constraints; Greenspan put; state-space model; bank capital regulation (search for similar items in EconPapers)
Date: 2008-07-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://edoc.ub.uni-muenchen.de/8801/1/Kajuth_Florian.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lmu:dissen:8801

Access Statistics for this paper

More papers in Munich Dissertations in Economics from University of Munich, Department of Economics Ludwigstr. 28, 80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Tamilla Benkelberg ().