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Monetary Policy and Asset Prices

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  • Vickers, John

Abstract

How should asset prices affect monetary policy, and how do they? It is argued that asset prices should not be included in the measure of inflation targeted by monetary policy, which should focus on the prices of goods and services for current consumption. The information yielded directly by asset prices, e.g. about inflation expectations and interest rate expectations, is examined. Finally, the question of what asset prices add to other indicators is considered, and it is concluded that asset prices matter for monetary policy because they help to inform judgments about inflation prospects. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 68 (2000)
Issue (Month): 0 (Supplement)
Pages: 1-22

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Handle: RePEc:bla:manchs:v:68:y:2000:i:0:p:1-22

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Cited by:
  1. Andrew Hughes Hallett & Jan Libich & Petr Stehlík, 2009. "Macro prudential Policies and Financial Stability," Working Papers, School of Economics, La Trobe University 2009.02, School of Economics, La Trobe University.
  2. Matteo Iacoviello, 2002. "House prices, borrowing constraints and monetary policy in the business cycle," Boston College Working Papers in Economics, Boston College Department of Economics 542, Boston College Department of Economics, revised 06 Dec 2004.
  3. Bhattacharjee, A. & Holly, S., 2005. "Inflation Targeting, Committee Decision Making and Uncertainty: The case of the Bank of England’s MPC," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0530, Faculty of Economics, University of Cambridge.
  4. Christopher Allsopp & Amit Kara & Edward Nelson, 2006. "U.K. inflation targeting and the exchange rate," Working Papers, Federal Reserve Bank of St. Louis 2006-030, Federal Reserve Bank of St. Louis.
  5. West, L.k. & Agbola, W.F., 2005. "Causality Links Between Asset Prices And Cash Rate In Australia," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 2(3), pages 69-86.
  6. H. Genberg, 2001. "Asset Prices, Monetary Policy and Macroeconomic Stability," DNB Staff Reports (discontinued), Netherlands Central Bank 64, Netherlands Central Bank.
  7. Bjørnland, Hilde C. & Leitemo, Kai, 2005. "Identifying the Interdependence between US Monetary Policy and the Stock Market," Memorandum, Oslo University, Department of Economics 12/2005, Oslo University, Department of Economics.
  8. Stephen P Millard & Simon J Wells, 2003. "The role of asset prices in transmitting monetary and other shocks," Bank of England working papers, Bank of England 188, Bank of England.
  9. Christopher Allsopp, 2002. "Macroeconomic Policy Rules in Theory and in Practice," Discussion Papers, Monetary Policy Committee Unit, Bank of England 10, Monetary Policy Committee Unit, Bank of England.
  10. Bredin, Don & Hyde, Stuart & O'Reilly, Gerard, 2005. "European Monetary Policy Surprises: The Aggregate and Sectoral Stock Market Response," Research Technical Papers 10/RT/05, Central Bank of Ireland.
  11. Sutherland, Alan, 2001. "Inflation Targeting in a Small Open Economy," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2726, C.E.P.R. Discussion Papers.
  12. Andrew Hughes Hallett & Jan Libich & Petr Stehlik, 2009. "Financial Instability Prevention," CAMA Working Papers 2009-14, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  13. Bredin, Don & Hyde, Stuart & Reilly, Gerard O., 2010. "Monetary policy surprises and international bond markets," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(6), pages 988-1002, October.
  14. Viñals, José, 2001. "Monetary Policy Issues in a Low Inflation Environment," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2945, C.E.P.R. Discussion Papers.

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