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Cited by 371

The DOI matches its Crossref record; 16 of the 16 references it cites were found in a registry or an index.

The Transmission Mechanism and the Role of Asset Prices in Monetary Policy

Open access
Mishkin, Frederic·2001·The MIT Press eBooks
DOI 10.3386/w8617
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Abstract

This paper surveys the transmission mechanisms of monetary policy beyond the standard interest rate channel by focusing on how monetary policy affects the economy through other asset prices.It outlines how the monetary transmission mechanisms operating through stock prices, real estate prices, and exchange rates affect which affect investment and consumption decisions of both firms and households.Given the role that asset prices play on the transmission mechanism, central banks have been often tempted to use them as targets of monetary policy.This paper shows that despite the significance of asset prices in the conduct of monetary policy, targeting asset prices by central banks is likely to lead to worse economic outcomes and might even erode the support for their independence.

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Metadata

Authors
Mishkin, F.
Venue
The MIT Press eBooks
Publisher
National Bureau of Economic Research
Published
2001-12
Pages
59-74
DOI
10.3386/w8617
OpenAlex
W2112952211
Cited by
371
References
16
FWCI
42.75
Type
book chapter
Language
en
Open access
green

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CoChat. (2026). Citation check: The Transmission Mechanism and the Role of Asset Prices in Monetary Policy. https://app.cochat.ai/papers/10.3386/w8617
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Mishkin, F. (2001). The Transmission Mechanism and the Role of Asset Prices in Monetary Policy. The MIT Press eBooks. https://doi.org/10.3386/w8617

Data sources

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.