The objective of our work has been to study the behaviour of the European Central Bank towards the asset prices evolution. To do this, we have first examine the different arguments that are in favour or that fight the asset prices integration to the European Central Bank monetary policy objective. We have then estimated, with the general moment method, a European Central Bank reaction function for the 1999:1-2002:12 period. It seems, then, that the European Central Bank doesn’t react to asset prices level but to their volatility measured by their standart error. These results reveal, considering the period used here, the lender in last resort role that the European Central Bank has to play and that it has played just after the 2001 september events. 1 Ce document a été fabriqué par PDFmail (Copyright RTE Software
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