The Stock Market Channel of Monetary Policy /
This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Househo...
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| Other Authors: | , |
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1999.
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| Series: | IMF Working Papers; Working Paper ;
No. 1999/022 |
| Online Access: | Full text available on IMF |