176
Views
14
CrossRef citations to date
0
Altmetric
Original Articles

Monetary policy and dividend growth in Germany: long-run structural modelling versus bounds testing approach

&
Pages 1409-1423 | Published online: 02 Feb 2007

References

  • Bahmani-Oskooee , M and Ng , RCW . 2002 . Long-run demand for money in Hong Kong: an application of the ARDL model International . Journal of Business and Economics , 1 : 147 – 55 .
  • Bean , C . 2004 . Asset prices, financial instability, and monetary policy . American Economic Review – Papers and Proceedings , 94 : 14 – 23 .
  • Bernanke , B and Gertler , M . 2001 . Should central banks respond to movements in asset prices? . American Economic Review – Papers and Proceedings , 91 : 253 – 7 .
  • Bohl , MT , Siklos , PL and Werner , T . 2003 . Did the Bundesbank react to stock price movements? . June 2003 , Frankfurt. Discussion Paper 14/03 , Economic Research Centre of the Deutsche Bundesbank .
  • Canova , F . 1994 . Testing long run neutrality: empirical evidence for G7 countries with special emphasis on Germany . Carnegie-Rochester Conference Series on Public Policy , 41 : 119 – 25 .
  • Cavanaugh , CL , Elliott , G and Stock , JH . 1995 . Inference in models with nearly integrated regressors . Econometric Theory , 11 : 1131 – 47 .
  • Cecchetti , S , Genberg , H and Wadhwani , S . 2002 . “ Asset prices in a flexible inflation targeting framework ” . In Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies , Edited by: Hunter , W , Kaufman , G and Pomerleano , M . 427 – 44 . Cambridge/MA : MIT Press .
  • Detken , C and Smets , F . 2004 . Asset price booms and monetary policy . May 2004 , Frankfurt/Main. European Central Bank Working Papers, No. 364 ,
  • Domanski , D and Kremer , M . 1998 . What do asset price movements in Germany tell policy makers . The Role of Asset Prices in the Formulation of Monetary Policy . 1998 , Basle. Vol. 5 , pp. 24 – 44 . Bank for International Settlement, Conference Papers
  • Dupor , B and Conley , T . 2004 . The Fed response to equity prices and inflation . American Economic Review – Papers and Proceedings , 94 : 24 – 32 .
  • Durham , JB . 2003 . Does monetary policy affect stock prices and treasury yields? An error correction and simultaneous equation approach . March 2003 . Federal Reserve Board . Finance and Economics Discussion Series, No. 2003-10
  • European Central Bank . February 2002 . “ The stock market and monetary policy ” . In Monthly Bulletin February , 39 – 42 .
  • Faria , JR and Leon-Ledesma , M . 2000 . Testing the Balassa-Samuelson effect: implications for growth and PPP . 2000 . Department of Economics Discussion Papers 00/08 , University of Kent .
  • Halicioglu , F . 2004 . “ An ARDL model of international tourist flows to Turkey ” . In Global Business and Economics Review 614 – 24 . 2004 Anthology
  • Islam , MQ . 2004 . The long run relationship between openness and government size: evidence from bounds test . Applied Economics , 36 : 995 – 1000 .
  • Johansen , S . 1991 . Estimation and hypothesis testing of cointegrating vectors in gaussian vector autoregressive models . Econometrica , 59 : 1151 – 80 .
  • Johansen , S . 1995 . Likelihood Based Inference in Cointegrated Vector Autoregressive Models , Oxford : Oxford University Press .
  • Kaul , G . 1996 . “ Predictable components in stock returns ” . In Handbook of Statistics, 14, Statistical Methods in Finance , Edited by: Maddala , GS and Rao , CR . 269 – 96 . Amsterdam : Elsevier Science . et al
  • Morley , B . 2003 . Equities and the monetary model of the exchange rate: an ARDL bounds testing approach . 2003 . Research Paper 2003-2 , School of Management and Business, University of Wales .
  • Narayan , PK . 2005 . New evidence on Purchasing Power Parity from 17 OECD countries . Applied Economics , 37 : 1063 – 71 .
  • Narayan , PK and Smyth , R . 2003 . Attendance and pricing at sporting events: empirical results from Granger causality tests for the Melbourne Cup . Applied Economics , 35 : 1649 – 57 .
  • Narayan , PK and Smyth , R . 2004a . Dead man walking: an empirical reassessment of the deterrent effect of capital punishment using the bounds testing approach to cointegration . American Law & Economics Association Annual Meetings . 2004a . Berkeley Electronic Press . Paper 26
  • Narayan , PK and Smyth , R . 2004b . Crime rates, male youth unemployment and real income in Australia: evidence from Granger causality tests . Applied Economics , 36 : 2079 – 95 .
  • Pattichis , CA . 1999 . Price and income elasticities of disaggregated import demands: results from UECMs and an application . Applied Economics , 31 : 1061 – 71 .
  • Payne , JE . 2003 . Post stabilization estimates of money demand in Croatia: error correction model using the bounds testing approach . Applied Economics , 35 : 1723 – 7 .
  • Pesaran , MH and Pesaran , B . 1997 . Working with Microfit 4.0 – Interactive Econometric Analysis , Oxford : Oxford University Press .
  • Pesaran , MH and Shin , Y . 1999 . An autoregressive distributed lag modelling approach to cointegration analysis . Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium . 1999 . Edited by: Strom , S and Diamond , P . Cambridge : Cambridge University Press . Chapter 11
  • Pesaran , MH , Shin , Y and Smith , RJ . 1996 . Testing for the existence of a long-run relationship . 1996 . DAE Working Paper No. 9622 , Department of Applied Economics, University of Cambridge .
  • Pesaran , MH , Shin , Y and Smith , RJ . 1997 . Structural analysis of vector error correction models with exogenous I(1)-variables . 1997 . DAE Working Paper No. 9706 , Department of Applied Economics, University of Cambridge .
  • Pesaran , MH , Shin , Y and Smith , RJ . 2001 . Bounds testing approaches to the analysis of level relationships . Journal of Applied Econometrics, Special Issue in Honour of J.D. Sargan - Studies in Empirical Macroeconometrics , 16 : 289 – 326 .
  • Rigobon , R and Sack , B . 2003 . Measuring the reaction of monetary policy to the stock market . Quarterly Journal of Economics , 118 : 639 – 69 .
  • Rigobon , R and Sack , B . 2004 . The impact of monetary policy on asset prices . Journal of Monetary Economics , 51 : 1553 – 75 .
  • Robinson , T and Stone , A . 2005 . Monetary policy, asset-price bubbles and the zero lower bound . June 2005 . Research Discussion Paper 2005-04 , Economic Research Department, Reserve Bank of Australia .
  • Tang , TC . 2001 . Bank lending and inflation in Malaysia: assessment from unrestricted error-correction models . Asian Economic Journal , 15 : 275 – 89 .
  • Tang , TC . 2002 . Demand for M3 and expenditure components in Malaysia: assessment from the bounds testing approach . Applied Economics Letters , 9 : 721 – 5 .
  • Tang , TC and Nair , M . 2002 . A cointegration analysis of Malaysian import demand function: reassessment from the bounds test . Applied Economics Letters , 9 : 293 – 6 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.