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Asset price channel : ウィキペディア英語版 | Asset price channel
The asset price channel is the monetary transmission channel that is responsible for the distribution of the effects induced by monetary policy decisions made by the central bank of a country that affect the price of assets. These effects on the prices of assets will in turn affect the economy. == Introduction ==
Policymakers should have a good understanding of how monetary policies transmit from a monetary tool into the goal. In order for monetary policies to have the desired effects on the economy policymakers should have an accurate assessment of the effects and timing of their policies. This is what the monetary transmission mechanism describes. There are several different channels through which a monetary policy can pass-through the economy. The key monetarists’ objection for analyzing monetary policy effects was that it traditionally focused on only one asset price, the interest rate, rather than on many asset prices. There are three other categories of asset prices besides those on debt instruments that are regarded as critical channels through which monetary policy affects the economy. These are (1) stock market prices, (2) exchange rates and (3) real estate prices. Changes in these asset prices affect investment and consumption decisions of both firms and households and therefore central banks often use it as an instrument of monetary policy.
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