메뉴 건너뛰기




Volumn 31, Issue 3, 2007, Pages 719-733

Do central banks react to the stock market? The case of the Bundesbank

Author keywords

Deutsche Bundesbank; Identification; Monetary policy; Reaction function; Simultaneity; Stock prices

Indexed keywords


EID: 33847111152     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2006.04.003     Document Type: Article
Times cited : (35)

References (35)
  • 1
    • 0033966546 scopus 로고    scopus 로고
    • Bubbles and crashes
    • Allen F., and Gale D. Bubbles and crashes. Economic Journal 110 (2000) 236-255
    • (2000) Economic Journal , vol.110 , pp. 236-255
    • Allen, F.1    Gale, D.2
  • 2
    • 33847144295 scopus 로고    scopus 로고
    • Allen, Franklin, Gale, Douglas, 2002. Asset price bubbles and monetary policy. In: Financial Crises and Global Governance, Proceedings of a Conference held at the London School of Economics.
  • 6
    • 33847135008 scopus 로고    scopus 로고
    • Bjørnland, Hilde C., Leitemo, Kai, 2005. Identifying the interdependence between US monetary policy and the stock market. Working Paper, Norwegian School of Management.
  • 7
    • 33847114603 scopus 로고    scopus 로고
    • Blinder, Alan S., Reis, Ricardo, 2005. Understanding the Greenspan Standard. Working Paper, Princeton University.
  • 8
    • 33847116371 scopus 로고    scopus 로고
    • Blinder, Alan S., Charles, A.E., Goodhart, P., Hildebrand, D., Lipton, Wyplosz, Charles, 2001. How do central banks talk? CEPR Working Paper.
  • 10
    • 33847162280 scopus 로고    scopus 로고
    • Cecchetti, Stephen, Genberg, Hans, Lipsky, John, Wadhwani, Sushil, 2000. Asset prices and central bank policy. Geneva Reports on the World Economy, No. 2 London: Centre for Economic Policy Research.
  • 11
    • 33847143411 scopus 로고    scopus 로고
    • Chami, Ralph, Cosimano, Thomas F., Fullenkamp, Connel, 1999. The stock market channel of monetary policy. IMF Working Paper 99/22.
  • 12
    • 70449089152 scopus 로고    scopus 로고
    • Monetary policy shocks: What have we learned and to what end
    • Taylor J.B., and Woodford M. (Eds), Elsevier Science, New York
    • Christiano L.J., Eichenbaum M., and Evans C.L. Monetary policy shocks: What have we learned and to what end. In: Taylor J.B., and Woodford M. (Eds). Handbook of Macroeconomics vol. 1A (1999), Elsevier Science, New York 65-148
    • (1999) Handbook of Macroeconomics , vol.1 A , pp. 65-148
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.L.3
  • 13
    • 0002092059 scopus 로고    scopus 로고
    • How the Bundesbank conducts monetary policy
    • Romer C.D., and Romer D.H. (Eds), The University of Chicago Press, Chicago
    • Clarida R., and Gertler M. How the Bundesbank conducts monetary policy. In: Romer C.D., and Romer D.H. (Eds). Reducing Inflation: Motivation and Strategy (1997), The University of Chicago Press, Chicago 363-406
    • (1997) Reducing Inflation: Motivation and Strategy , pp. 363-406
    • Clarida, R.1    Gertler, M.2
  • 14
    • 0031670190 scopus 로고    scopus 로고
    • Monetary policy rules in practice: Some international evidence
    • Clarida R., Gali J., and Gertler M. Monetary policy rules in practice: Some international evidence. European Economic Review 42 (1998) 1033-1067
    • (1998) European Economic Review , vol.42 , pp. 1033-1067
    • Clarida, R.1    Gali, J.2    Gertler, M.3
  • 17
    • 33847152785 scopus 로고    scopus 로고
    • European Central Bank, 2002. The stock market and monetary policy. ECB Monthly Bulletin, February.
  • 18
    • 33847142472 scopus 로고    scopus 로고
    • Faust, John, Rogers, John H., Wright, J.H., 2001. An empirical comparison of Bundesbank and ECB monetary policy. International Finance Discussion Papers 705.
  • 20
    • 33847157039 scopus 로고    scopus 로고
    • Goodhart, Charles A.E., Hofmann, Boris, 2001. Asset prices, financial conditions, and the transmission of monetary policy. Paper Prepared for the Conference "Asset Prices, Exchange Rates, and Monetary Policy", Stanford.
  • 21
    • 20444412539 scopus 로고    scopus 로고
    • Do actions speak louder than words? The response of asset prices to monetary policy actions and statements
    • Gürkaynak R.S., Sack B., and Swanson E.T. Do actions speak louder than words? The response of asset prices to monetary policy actions and statements. International Journal of Central Banking 1 (2005) 55-94
    • (2005) International Journal of Central Banking , vol.1 , pp. 55-94
    • Gürkaynak, R.S.1    Sack, B.2    Swanson, E.T.3
  • 23
    • 0035997761 scopus 로고    scopus 로고
    • Political pressure on the Bundesbank: An empirical investigation using the Havrilesky approach
    • Maier P., Sturm J.-E., and de Haan J. Political pressure on the Bundesbank: An empirical investigation using the Havrilesky approach. Journal of Macroeconomics 24 (2002) 103-123
    • (2002) Journal of Macroeconomics , vol.24 , pp. 103-123
    • Maier, P.1    Sturm, J.-E.2    de Haan, J.3
  • 24
    • 33847137019 scopus 로고    scopus 로고
    • Mishkin, Frederic S., 2001. The transmission mechanism and the role of asset prices in monetary policy. NBER Working Paper No. 8617.
  • 25
    • 0042575492 scopus 로고    scopus 로고
    • The overnight interbank market: Evidence from the G-7 and the Eurozone
    • Prati A., Bartolini L., and Bertoli G. The overnight interbank market: Evidence from the G-7 and the Eurozone. Journal of Banking and Finance 27 (2003) 2045-2083
    • (2003) Journal of Banking and Finance , vol.27 , pp. 2045-2083
    • Prati, A.1    Bartolini, L.2    Bertoli, G.3
  • 27
    • 0142003668 scopus 로고    scopus 로고
    • Identification through heteroskedasticity
    • Rigobon R. Identification through heteroskedasticity. Review of Economics and Statistics 85 (2003) 777-792
    • (2003) Review of Economics and Statistics , vol.85 , pp. 777-792
    • Rigobon, R.1
  • 28
    • 0038353805 scopus 로고    scopus 로고
    • Measuring the reaction of monetary policy to the stock market
    • Rigobon R., and Sack B. Measuring the reaction of monetary policy to the stock market. Quarterly Journal of Economics 118 (2003) 639-669
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 639-669
    • Rigobon, R.1    Sack, B.2
  • 29
    • 4143102793 scopus 로고
    • Zehn Jahre Geldpolitik mit einem Geldmengenziel
    • Wolfgang G. (Ed), Fritz Knapp Verlag, Frankfurt/Main
    • Schlesinger H. Zehn Jahre Geldpolitik mit einem Geldmengenziel. In: Wolfgang G. (Ed). Öffentliche Finanzen und monetäre Ökonomie (1985), Fritz Knapp Verlag, Frankfurt/Main 123-147
    • (1985) Öffentliche Finanzen und monetäre Ökonomie , pp. 123-147
    • Schlesinger, H.1
  • 30
    • 0034820083 scopus 로고    scopus 로고
    • Monetary policy and the stock market
    • Sellin P. Monetary policy and the stock market. Journal of Economic Surveys 15 (2001) 491-541
    • (2001) Journal of Economic Surveys , vol.15 , pp. 491-541
    • Sellin, P.1
  • 31
    • 27744485290 scopus 로고    scopus 로고
    • The Bundesbank's communications strategy and policy conflicts with the Federal Government
    • Siklos P.L., and Bohl M.T. The Bundesbank's communications strategy and policy conflicts with the Federal Government. Southern Economic Journal 72 (2005) 395-409
    • (2005) Southern Economic Journal , vol.72 , pp. 395-409
    • Siklos, P.L.1    Bohl, M.T.2
  • 32
    • 33847154361 scopus 로고    scopus 로고
    • Siklos, Pierre L. Bohl, Martin T., forthcoming. Do actions speak louder than words? Evaluating monetary policy at the Bundesbank. Journal of Macroeconomics.
  • 33
    • 2442579426 scopus 로고    scopus 로고
    • Forecasting output and inflation: The role of asset prices
    • Stock J.H., and Watson M.W. Forecasting output and inflation: The role of asset prices. Journal of Economic Literature 41 (2003) 788-829
    • (2003) Journal of Economic Literature , vol.41 , pp. 788-829
    • Stock, J.H.1    Watson, M.W.2
  • 34
    • 0006223301 scopus 로고    scopus 로고
    • On stock market returns and monetary policy
    • Thorbecke W. On stock market returns and monetary policy. Journal of Finance 52 (1997) 635-654
    • (1997) Journal of Finance , vol.52 , pp. 635-654
    • Thorbecke, W.1
  • 35
    • 0002846481 scopus 로고
    • Inflation and monetary targeting in Germany
    • Leonardo L., and Svensson L.E.O. (Eds), Centre for Economic Policy Research, London
    • von Hagen J. Inflation and monetary targeting in Germany. In: Leonardo L., and Svensson L.E.O. (Eds). Inflation Targets (1995), Centre for Economic Policy Research, London
    • (1995) Inflation Targets
    • von Hagen, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.