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Consumer and asset prices: Some recent evidence

1st Person: Gerdesmeier, Dieter
Additional Persons: Reimers, Hans-Eggert; Roffia, Barbara
Type of Publication: Paper
Language: English
Published: Hochsch., Fak. für Wirtschaftswiss. 2015
Series: Wismarer Diskussionspapiere
Online: https://www.econstor.eu/bitstream/10419/108974/1/820832162.pdf
Description: This paper models the relationship between consumer and asset prices (approximated by house prices, oil prices and the exchange rate) by means of a Markov Switching model (MS model). It can be shown that house prices appear to play a significant role in the determination of consumer prices in a high-inflation and a low-inflation regime, whereas oil prices and the exchange rate only unfold an impact in a high-inflation regime. Taken together, these results can be seen as being of help for the monetary policy decision-making process.

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