Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen

Gerhard Illing and Ulrich Klüh
Authors registered in the RePEc Author Service: Ulrich Helmut Klueh

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

Abstract: The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo-Saxon countries with continental Europe, the article provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.

Date: 2005
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Published in Perspektiven der Wirtschaftspolitik 1 6(2005): pp. 1-22

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Journal Article: Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen (2005)
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