Asymmetric monetary policy with respect to asset markets

Andreas Hoffmann

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

Abstract. The paper suggests that during Greenspan's incumbency the Federal Reserve (Fed) lowered interest rates rapidly when asset price developments suggested a crisis potential. Whereas, when asset markets were growth‐supporting, the Fed did not raise interest rates. This asymmetry contributed to a downward‐trend in interest rates which pushed US interest rates down to zero in the current crisis.

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1979Prospect Theory: An Analysis of Decision under Risk 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1988Prospect theory: An analysis of decision under risk 1995Another look at the instrumental variable estimation of error-components models 1993Discretion versus policy rules in practice 1997Postwar U.S. Business Cycles: An Empirical Investigation 1998Monetary policy rules in practice 2009The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong

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