The impact of monetary policy on stock market bubbles and trading behavior : evidence from the lab
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| Type of Publication: | Journal article |
| Author: | Fischbacher, Urs; Hens, Thorsten; Zeisberger, Stefan |
| Year of publication: | 2013 |
| Published in: | Journal of Economic Dynamics and Control ; 37 (2013), 10. - pp. 2104-2122. - ISSN 0165-1889 |
| DOI (citable link): | https://dx.doi.org/10.1016/j.jedc.2013.04.004 |
| Summary: |
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.
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| JEL Classification: | C92, E42, E44, E52, E58 |
| Subject (DDC): | 330 Economics |
| Keywords: | Experimental economics, investment behavior, liquidity, monetary policy, asset market bubbles |
| Bibliography of Konstanz: | Yes |
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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. 37(10), pp. 2104-2122. ISSN 0165-1889. Available under: doi: 10.1016/j.jedc.2013.04.004
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