@book{NastanskyStrohe2010,
  author    = {Nastansky, Andreas and Strohe, Hans Gerhard},
  title     = {The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-43762},
  publisher      = {Universit{\"a}t Potsdam},
  year      = {2010},
  abstract  = {This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB.},
  language  = {en}
}
@book{NastanskyMehnertStrohe2014,
  author    = {Nastansky, Andreas and Mehnert, Alexander and Strohe, Hans Gerhard},
  title     = {A vector error correction model for the relationship between public debt and inflation in Germany},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-50246},
  publisher      = {Universit{\"a}t Potsdam},
  year      = {2014},
  abstract  = {In the paper, the interaction between public debt and inflation including mutual impulse response will be analysed. The European sovereign debt crisis brought once again the focus on the consequences of public debt in combination with an expansive monetary policy for the development of consumer prices. Public deficits can lead to inflation if the money supply is expansive. The high level of national debt, not only in the Euro-crisis countries, and the strong increase in total assets of the European Central Bank, as a result of the unconventional monetary policy, caused fears on inflating national debt. The transmission from public debt to inflation through money supply and long-term interest rate will be shown in the paper. Based on these theoretical thoughts, the variables public debt, consumer price index, money supply m3 and long-term interest rate will be analysed within a vector error correction model estimated by Johansen approach. In the empirical part of the article, quarterly data for Germany from 1991 by 2010 are to be examined.},
  language  = {en}
}