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dc.contributor.author Chami, Ralph en_US
dc.contributor.author Cosimano, Thomas F. en_US
dc.contributor.author Fullenkamp, Connel en_US
dc.date.accessioned 2010-03-09T15:41:19Z
dc.date.available 2010-03-09T15:41:19Z
dc.date.issued 1999 en_US
dc.identifier.uri http://hdl.handle.net/10161/2011
dc.description.abstract argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders` demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal. en_US
dc.format.extent 5069059 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher SSRN eLibrary en_US
dc.title The Stock Market Channel of Monetary Policy en_US
dc.type Journal Article en_US
dc.department Economics

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