The Stock Market Channel of Monetary Policy /

This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Househo...

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Hlavní autor: Cosimano, Thomas
Další autoři: Chami, Ralph, Fullenkamp, Connel
Médium: Časopis
Jazyk:English
Vydáno: Washington, D.C. : International Monetary Fund, 1999.
Edice:IMF Working Papers; Working Paper ; No. 1999/022
On-line přístup:Full text available on IMF