The impact of monetary policy on stock market bubbles and trading behavior : evidence from the lab

Fischbacher, Urs; Hens, Thorsten; Zeisberger, Stefan

The impact of monetary policy on stock market bubbles and trading behavior : evidence from the lab

Dateien

Fischbacher_247421.PDFGröße: 1.32 MBDownloads: 5

Datum

2013

Autor:innen

Fischbacher, Urs

Hens, Thorsten

Zeisberger, Stefan

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Journal of Economic Dynamics and Control. 2013, 37(10), S. 2104-2122. ISSN 0165-1889. Verfügbar unter: doi: 10.1016/j.jedc.2013.04.004

Zusammenfassung

We investigate the effect of monetary policy on stock market bubbles and trading behavior in experimental asset markets. We introduce the possibility of investing in interest bearing bonds to the widely used laboratory asset market design of Smith et al. (1988). Treatment groups face a variable interest rate policy which depends on asset prices, while control groups are subjected to a constant interest rate. We observe a strong impact of our interest rate policy on liquidity in the stock market but only a small impact on bubbles. However, we find that announcing the possibility of reserve requirements significantly reduces bubbles.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

Experimental economics, investment behavior, liquidity, monetary policy, asset market bubbles

Zitieren

ISO 690

FISCHBACHER, Urs, Thorsten HENS, Stefan ZEISBERGER, 2013. The impact of monetary policy on stock market bubbles and trading behavior : evidence from the lab. In: Journal of Economic Dynamics and Control. 2013, 37(10), S. 2104-2122. ISSN 0165-1889. Verfügbar unter: doi: 10.1016/j.jedc.2013.04.004

BibTex

@article{Fischbacher2013impac-24742,
  year={2013},
  doi={10.1016/j.jedc.2013.04.004},
  title={The impact of monetary policy on stock market bubbles and trading behavior : evidence from the lab},
  number={10},
  volume={37},
  issn={0165-1889},
  journal={Journal of Economic Dynamics and Control},
  pages={2104--2122},
  author={Fischbacher, Urs and Hens, Thorsten and Zeisberger, Stefan}
}

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Universitätsbibliographie

Ja