| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3242 |
| DP3242 The Evolution of the Early Career Gender Wage Gap | |
| Astrid Kunze | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank intervened to bring down stock prices, rectify imbalances and curb speculation. Present value relations, comparisons with historical valuation measures and the time-series properties of the data suggest that there was no bubble in the German stock market. The German central bank under Hjalmar Schacht was therefore wrong to be concerned about stock prices, since no bubble can be discerned. I examine the effects of the misguided intervention by estimating a number of VARs. These suggest that a substantial part of the slowdown in the rate of capital formation after 1927 could have been avoided without the intervention. |
| 主题 | International Macroeconomics |
| 关键词 | stock market Foreign lending Fixed exchange rates Asset prices Bubbles Germany monetary policy |
| URL | https://cepr.org/publications/dp3242 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532272 |
| 推荐引用方式 GB/T 7714 | Astrid Kunze. DP3242 The Evolution of the Early Career Gender Wage Gap. 2002. |
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