Does regional redistribution spur growth? /

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...

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Bibliographic Details
Main Author: Koetter, Michael
Other Authors: Wedow, Michael
Format: Book
Language:English
Published: Frankfurt am Main : Deutsche Bundesbank, 2008
Series:Discussion paper (Deutsche Bundesbank). Series 1: economic studies no. 28/2008
Subjects:
Online Access:https://www.econstor.eu/bitstream/10419/27652/1/200828dkp.pdf
Description
Summary: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.
Physical Description:27 p.
Bibliography:Bibliografía: p. 10-11.
ISBN:9783865584731