Vermögenspreise und Konsum

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

Discussion Papers 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 paper provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.

Keywords: Wealth Effect; Consumption; Monetary Policy; Vermögenseffekt; Konsum; Geldpolitik (search for similar items in EconPapers)
JEL-codes: E21 E44 E58 (search for similar items in EconPapers)
Date: 2004-03
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Persistent link: https://EconPapers.repec.org/RePEc:lmu:muenec:316

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