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Article dans une revue

Financial Asset Valuations: The Total Demand Approach

Abstract : This article provides an explanation of how monetary policy impacts the prices of financial assets relative to the prices of non-financial assets. In the standard view, monetary policy has no such effect. It may influence financial-asset prices in various ways, but it does not all by itself entail any tendency for financial-asset prices to rise faster than the prices of non-financial assets. We argue that the neglected “total demand approach” sheds a different light on this issue. Total-demand theory shows that monetary policy may have such a consequence. It also brings the additional advantage of simplifying the theory of monetary policy, in that it allows to conceptualise unconventional monetary policy and changes in the quality of money within a single theoretical framework.
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Contributeur : Okina Université d'Angers <>
Soumis le : jeudi 30 avril 2020 - 03:11:59
Dernière modification le : lundi 6 juillet 2020 - 15:39:33




Vytautas Zukauskas, Guido Hulsmann. Financial Asset Valuations: The Total Demand Approach. Quarterly Review of Economics and Finance, Elsevier, 2019, 72, pp.121-131. ⟨10.1016/j.qref.2018.11.004⟩. ⟨hal-02558948⟩



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