The prices of real estate and financial assets rise more strongly than the consumer price index, which is ultimately always seen as the result of an excessive increase in the money supply (monetary parectasis). However, the stabilization of asset prices has so far not been an objective of monetary policy, but only one of the indicators which provides the central bank with information on possible price risks. – See bubble, speculative, dotcom bubble, fragmentation, money creation, money supply, monetary stability, Greenspan doctrine, housing bubble, Jackson Hole consensus, low interest rate policy, zero interest rate, overtrading, Poseidon bubble, price stability subprime crisis, exuberance, unreasonable, asset bubble
Asset effect, interest rate differential, interest rate, kept low, two-pillar principle. – Cf. ECB Monthly Bulletin of September 2004, p. 22 ff (with references), ECB Monthly Bulletin of April 2005, p. 53 ff (very in-depth discussion, empirically based), ECB Monthly Bulletin of October 2006, p. 25 ff. (asset price developments in the U.S. compared with other interest rates), ECB Annual Report 2011, pp. 29 ff. (early warning indicators in asset prices), ECB Monthly Bulletin of September 2013, pp. 61 ff. (on the influence of monetary policy on asset prices; overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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https://www.gerhardmerk.de/

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