| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19585 |
| 来源ID | Working Paper 19585 |
| Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence | |
| Michael D. Bordo; John Landon-Lane | |
| 发表日期 | 2013-10-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house, stock and commodity prices. We review the historical narratives on asset price booms and use a deterministic procedure to identify asset price booms for the countries in our sample. We show that "loose" monetary policy - that is having an interest rate below the target rate or having a growth rate of money above the target growth rate - does positively impact asset prices and this correspondence is heightened during periods when asset prices grew quickly and then subsequently suffered a significant correction. This result was robust across multiple asset prices and different specifications and was present even when we controlled for other alternative explanations such as low inflation or "easy" credit. |
| 主题 | History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w19585 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577260 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,John Landon-Lane. Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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