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Geldpolitik und Vermögensmärkte. Vor- und Nachteile einer Leaning-against-the-wind-Strategie

Geldpolitik und Vermögensmärkte. Vor- und Nachteile einer Leaning-against-the-wind-Strategie

          
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About the Book

Masterarbeit aus dem Jahr 2021 im Fachbereich VWL - Makroökonomie, allgemein, Note: 1,7, FernUniversität Hagen, Sprache: Deutsch, Abstract: Nach der Einleitung werden in Abschnitt 2 zunächst die Charakteristika von Vermögensmärkten und Preisblasen im Kontext der Geldpolitik erläutert. Dabei wird im ersten Schritt der Einfluss von Vermögenspreisen auf die geldpolitischen Transmissionskanäle in der Theorie betrachtet. Um die Auswirkungen des Platzens von Vermögenspreisblasen aufzuzeigen, werden zudem die Erfahrungen aus der Praxis anhand zwei historischer Ereignisse dargestellt. Am Ende des Abschnitts werden Ansätze zur Identifizierung von Vermögenspreisblasen mittels Frühwarnindikatormodellen beschrieben. Abschnitt 3 stellt den Hauptteil dieser Arbeit dar und umfasst die Diskussionen um die geldpolitische Reaktion auf Vermögenspreise anhand der Leaning-against-the-wind-Strategie. Dazu werden zu Beginn die Grundzüge dieser Strategie vorgestellt. Zudem werden drei verschiedene Positionen hinsichtlich des Verhältnisses von Geldpolitik und Finanzstabilität beleuchtet. Darauf folgt die Gegenüberstellung der Kernargumente für und gegen eine Leaning-against-the-wind-Strategie. Neben den qualitativen Argumenten werden zudem auch die Ergebnisse der bisherigen numerischen Kosten-Nutzen-Analysen betrachtet. Ein zentrales Modell in der wissenschaftlichen Debatte stellt das Modell von Svensson dar. Das Modell und dessen Ergebnisse werden vorgestellt und kritisch gewürdigt. Abschnitt 4 beschreibt anschließend, wie sich die Bedeutung von Vermögenspreisen in der Geldpolitik der Europäischen Zentralbank (EZB) über die Jahre entwickelte und wie sich die Debatte in der Wissenschaft auch in der geldpolitischen Herangehensweise widerspiegelt.


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Product Details
  • ISBN-13: 9783346609021
  • Publisher: Bod Third Party Titles
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 74
  • Spine Width: 5 mm
  • Width: 148 mm
  • ISBN-10: 3346609022
  • Publisher Date: 24 Feb 2022
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 109 gr

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