Studies on the role of asset prices and credit in the design of monetary and regulatory policy [Elektronische Ressource] / vorgelegt von Florian Kajuth

Studies on the Role of Asset Prices andCredit in the Design of Monetary andRegulatory PolicyInaugural-Dissertationzur Erlangung des GradesDoctor oeconomiae publicae (Dr. oec. publ.)an der Ludwig-Maximilians-Universit?t M?nchen2008vorgelegt vonFlorian KajuthReferent: Prof. Dr. Gerhard IllingKorreferent: Prof. Dr. Jarko FidrmucPromotionsabschlussberatung: 16. Juli 2008AcknowledgementsWhile writing this thesis I have received encouragement and support from anumber of people. First and foremost I would like to thank my supervisor Ger-hard Illing, from whom I have learnt a lot. The conversations with him helpedmy understanding of economic theory and practice very often much more thanlecturesortextbooks. Furthermore,Iappreciatehissupportandgenerousfund-ingfornationalandinternationalconferencesandthesummerschoolinEltville.Secondly, I would like to thank Jarko Fidrmuc, who kindly agreed to act as thesecond examiner. Moreover, I am grateful to Sven Rady, whom I was happyto win as my third examiner. In addition, ?nancial support from the DeutscheForschungsgemeinschaft through SFB/TR 15 is gratefully acknowledged.During my time at the Seminar for Macroeconomics at the LMU in MunichI was privileged to meet and become friends with many enjoyable and interest-ing people. I would like to thank Desi Andreeva, Julia Bersch, Josef Forster,Moritz Hahn, Frank Heinemann, Uli Kl?