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Monetary policy and asset price bubbles

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  • Glenn D. Rudebusch

Abstract

The appropriate monetary policy response to an asset price bubble remains unclear and is one of the most contentious issues currently facing central banks. Some have argued that monetary policy should be used to contain or reduce an asset price bubble in order to alleviate its adverse consequences on the economy, while others have argued that such a policy would be both impractical and unproductive given real-world uncertainties about the nature or even existence of bubbles. This Economic Letter examines how policymakers might choose between alternative courses of action when confronted with a possible asset price bubble.

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File URL: http://www.frbsf.org/publications/economics/letter/2005/el2005-18.html
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File URL: http://www.frbsf.org/publications/economics/letter/2005/el2005-18.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2005)
Issue (Month): aug5 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2005:i:aug5:n:2005-18

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Keywords: Risk management ; Monetary policy ; Asset pricing;

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Cited by:
  1. Carlos Parodi Trece, 2009. "Las Crisis Financieras: Un Marco Conceptual," Working Papers 09-16, Departamento de Economía, Universidad del Pacífico, revised Dec 2009.
  2. Bask, Mikael, 2009. "Monetary Policy, Stock Price Misalignments and Macroeconomic Instability," Working Papers 540, Hanken School of Economics.
  3. J. Rodrigo Fuentes S. & Marcelo Ochoa C., 2007. "Política Monetaria, Precios de Activos y Estabilidad Financiera: Una Revisión de la Literatura," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 10(3), pages 115-127, December.

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