TAILIEUCHUNG - TAKING STOCK: MONETARY POLICY TRANSMISSION TO EQUITY MARKETS

Geographic structure is not yet included in the size model. In both configurations, synthesis maintains a full age-structured description of the population and employs conventional equations to describe the population dynamics. A wide hierarchical range of model complexity can be defined for either version (Methot 1998). At one extreme, the model can be used with no age or size data (with external estimation of selectivity and weight-at-age) and the est imation process can be condensed to a few stock-recruitment parameters that mimic stock-reduction analysis (Kimura and Tagart 1982). On the other extreme, inclusion of a vector of parameters to allow time-varying fishery. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 354 I MAY 2004 by Michael Ehrmann and Marcel Fratzscher TAKING STOCK MONETARY POLICY TRANSMISSION TO EQUITY MARKETS EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 354 I MAY 2004 TAKING STOCK MONETARY POLICY TRANSMISSION TO EQUITY MARKETS1 by Michael Ehrmann2 and Marcel Fratzscher3 In 2004 all publications will carry a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 533023. We would like to thank Ester Faia Giovanni Favara Leonardo Gambacorta Anil Kashyap Francisco Maeso-Fernandez Paul Mizen Brian Sack Anna Sanz de Galdeano Plutarchos Sakellaris Frank Smets Philip Vermeulen Ken West as well as the anonymous referees and seminar participants at the Tobin Symposium at the Chicago Fed and at the ECB for comments and discussions and Reuters for providing some of the data paper presents the authors personal opinions and does not necessarily reflect the views of the European Central Bank. 2 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt Main Germany phone 49 - 69 1344 - 1321 or 6811 fax 49 - 69 1344 6353. email 3 European Central Bank email . European Central Bank 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and noncommercialpurposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is availablefrom the ECB website http . ISSN1561-0810 print ISSN 1725-2806 online

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