Liquidity and the dynamic pattern of price adjustment : a global view /
Belke, Ansgar
Liquidity and the dynamic pattern of price adjustment : a global view / Ansgar Belke, Walter Orth, Ralph Stzer. - Frankfurt am Main : Deutsche Bundesbank, 2008 - 37 p. - Discussion paper. Series 1: economic studies ; no. 25/2008 . - Discussion paper (Deutsche Bundesbank). Series 1: economic studies no. 25/2008 .
Bibliografía: p. 22-24.
Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in consumer prices. This paper examines the interactions between money, goods and asset prices at the global level. Using aggregated data for major OECD countries, our VAR results support the view that different price elasticities on asset and goods markets explain the recently observed relative price change between asset classes and consumer goods.
9783865584670
LIQUIDEZ DE LA ECONOMIA
POLITICA MONETARIA
INFLACION
332.46
Liquidity and the dynamic pattern of price adjustment : a global view / Ansgar Belke, Walter Orth, Ralph Stzer. - Frankfurt am Main : Deutsche Bundesbank, 2008 - 37 p. - Discussion paper. Series 1: economic studies ; no. 25/2008 . - Discussion paper (Deutsche Bundesbank). Series 1: economic studies no. 25/2008 .
Bibliografía: p. 22-24.
Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in consumer prices. This paper examines the interactions between money, goods and asset prices at the global level. Using aggregated data for major OECD countries, our VAR results support the view that different price elasticities on asset and goods markets explain the recently observed relative price change between asset classes and consumer goods.
9783865584670
LIQUIDEZ DE LA ECONOMIA
POLITICA MONETARIA
INFLACION
332.46