Abstract
Asset Price Channel (Asset Price Channel).The asset price channel represents
the effect of monetary policy on domestic asset prices, such as bonds, stocks, and
other securities. This channel operates through changes in firms' stock prices and
household wealth. J. Tobin "q" theory1
and the life-cycle theory of consumption by
A. Ando and F. Modigliani2
led to an increase in the importance of the asset price
channel within the channels of the transmission mechanism
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