Dreger, Christian; Wolters, Jürgen - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
euro area. To control for international spillovers, global VARs are also considered. Differences in the results can provide … bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually … house prices, while asset prices are not affected. …