期刊名称：Journal of Economics and Sustainable Development
印刷版ISSN：2222-2855
电子版ISSN：2222-2855
出版年度：2015
卷号：6
期号：8
页码：151-160
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：The purpose of this study was to analyze whether monetary policy can be used as an instrument to control asset prices using a VECM and Panel-VAR approach. The research was conducted by analyzing the impulse response of the monetary policy shock on residential property prices, stock prices, output and inflation, both in each country and as a groups of countries. Results of the study indicate that monetary policy still can’t be directed to asset price stabilization. Changes in monetary policy to control asset prices will cause turmoil on output and inflation. Central bank intervention to anticipate the formation of asset price bubbles can be reached by regulation may indirectly affect to the asset price movements.
关键词：asset prices bubble; monetary policy; panel VAR
