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The impact of monetary policy on stock market bubbles and trading behavior: evidence from the lab

Fischbacher, Urs; Hens, Thorsten; Zeisberger, Stefan (2013). The impact of monetary policy on stock market bubbles and trading behavior: evidence from the lab. Journal of Economic Dynamics and Control, 37(10):2104-2122.

Abstract

We investigate the effect of monetary policy on stock market bubbles and trading behavior in experimental asset markets. We introduce the possibility of investing in interest bearing bonds to the widely used laboratory asset market design of Smith et al. (1988). Treatment groups face a variable interest rate policy which depends on asset prices, while control groups are subjected to a constant interest rate. We observe a strong impact of our interest rate policy on liquidity in the stock market but only a small impact on bubbles. However, we find that announcing the possibility of reserve requirements significantly reduces bubbles.

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Economics and Econometrics
Physical Sciences > Control and Optimization
Physical Sciences > Applied Mathematics
Scope:Discipline-based scholarship (basic research)
Language:English
Date:2013
Deposited On:05 Nov 2013 17:03
Last Modified:09 Jun 2025 01:40
Publisher:Elsevier
ISSN:0165-1889
OA Status:Closed
Publisher DOI:https://doi.org/10.1016/j.jedc.2013.04.004
Official URL:http://www.sciencedirect.com/science/article/pii/S016518891300081X
Other Identification Number:merlin-id:8515
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