Publikation:

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

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Fischbacher_247421.PDF
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Datum

2013

Autor:innen

Hens, Thorsten
Zeisberger, Stefan

Herausgeber:innen

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URI (zitierfähiger Link)
http://nbn-resolving.de/urn:nbn:de:bsz:352-247421
DOI (zitierfähiger Link)
https://doi.org/10.1016/j.jedc.2013.04.004
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Open Access-Veröffentlichung
Open Access Green

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Wirtschaftswissenschaften: Publikationen
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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.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

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

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ISO 690FISCHBACHER, 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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