Aktienkursdynamik und monetäre Wechselkurstheorie
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Aktienkursdynamik und monetäre Wechselkurstheorie
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 110 (1990), Iss. 1 : pp. 37–53
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Reither, Franco
Cited By
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Die Auswirkungen inländischer Geld- und Fiskalpolitik sowie ausländischer Preisschocks bei importierten Rohstoffen
Wohltmann, Hans-Werner
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 113 (1993), Iss. 4 P.557
https://doi.org/10.3790/schm.113.4.557 [Citations: 0]
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Abstract
The aim of this paper is to analyze the simultaneous determination of the price of shares in the stock market and of the exchange rate. The equilibrium framework is based on Dornbusch’s monetary perfect foresight model of the exchange rate in which Tobin’s “Q” takes the place of the real interest rate in the determination of aggregate demand. As a main result, the introduction of the stock valuation is shown to dampen the impact of monetary policy on the real exchange rate. Depending on the degree of flexibility of the trend rate of the price level, however, nominal adjustments can look the other way, compared with conventional “overshooting”. Indeed, for high degrees of price level trend flexibility, the time paths of nominal asset prices (including the spot exchange rate) will undershoot their long run equilibrium level, while their real counterparts are still overshooting.