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Soll die Europäische Zentralbank auf Preisänderungen von Vermögenswerten reagieren?

Author

Listed:
  • Jan-Egbert Sturm
  • Wolfgang Nierhaus

Abstract

Das Hauptziel der meisten Zentralbanken der Welt und auch der Europäischen Zentralbank ist die Sicherung eines stabilen Preisniveaus. Gemessen an der Entwicklung der Güter- und Dienstleistungspreise waren die Zentralbanken in den meisten Industrieländern in den letzten Jahren diesbezüglich recht erfolgreich. Die starken Preisschwankungen bei Vermögenswerten zeigen ein anderes Bild: Die Aktienkurse sind seit der ersten Jahreshälfte 2002 klar rückläufig, die Immobilienpreise dagegen haben sich in mehreren Ländern deutlich erhöht. Einige Ökonomen plädieren deshalb für eine erweiterte Definition des Inflationsziels, in dem auch Vermögenspreise enthalten sind. Ein makroökonometrisches Mehrländermodell zeigt, dass die Geldpolitik in diesem Fall im Zeitraum 1994 bis 2001 in Europa wahrscheinlich ein etwas restriktiveren Kurs gefahren hätte. Im Großen und Ganzen aber sind die Effekte einer breiteren Definition des Inflationsziels sehr gering.

Suggested Citation

  • Jan-Egbert Sturm & Wolfgang Nierhaus, 2003. "Soll die Europäische Zentralbank auf Preisänderungen von Vermögenswerten reagieren?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(01), pages 54-55, January.
    • Handle: RePEc:ces:ifosdt:v:56:y:2003:i:01:p:54-55
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    References listed on IDEAS

    as
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    3. Frederic S. Mishkin, 2001. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," NBER Working Papers 8617, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    Preisniveau; Vermögenswert; Inflation Targeting; Zentralbank; Europäische Wirtschafts- und Währungsunion;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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