TY  - BOOK
AU  - Belke,Ansgar
AU  - Orth,Walter
AU  - Setzer,Ralph
TI  - Liquidity and the dynamic pattern of price adjustment: a global view 
T2  - Discussion paper. Series 1: economic studies
SN  - 9783865584670
U1  - 332.46 21
PY  - 2008///
CY  - Frankfurt am Main
PB  - Deutsche Bundesbank
KW  - LIQUIDEZ DE LA ECONOMIA
KW  - POLITICA MONETARIA
KW  - INFLACION
N1  - Bibliografía: p. 22-24
N2  - 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
UR  - https://www.econstor.eu/bitstream/10419/27649/1/200825dkp.pdf
ER  -