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Asset Price Bubbles and the Case for Asset-Based Reserve Requirements

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  • Thomas Palley

Abstract

Federal Reserve chairman Alan Greenspan, as well as other Fed governors, has spiritedly maintained that it is not the job of the central bank to restrain bubbles in asset prices. But this economist argues that, in the real world, asset prices should very much be under the Fed's purview.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Challenge.

Volume (Year): 46 (2003)
Issue (Month): 3 (May)
Pages: 53-72

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Handle: RePEc:mes:challe:v:46:y:2003:i:3:p:53-72

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106043

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Cited by:
  1. Dongkoo Chang & Choon-Seng Lim, Vincent & Eufrocinio M. Bernabe, Jr., 2014. "Alternative Monetary Policy Frameworks for Price and Financial Stability," Working Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number wp06.
  2. Thomas I. Palley, 2013. "Monetary policy in the liquidity trap and after: A reassessment of quantitative easing and critique of the Federal Reserve’s proposed exit strategy," IMK Working Paper 113-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Daniel Detzer, 2012. "New instruments for banking regulation and monetary policy after the crisis," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 9(2), pages 333-254.
  4. Thomas I. Palley, 2008. "Endogenous Money: Implications for the Money Supply Process, Interest Rates, and Macroeconomics," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp178, Political Economy Research Institute, University of Massachusetts at Amherst.
  5. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies, Political Economy Research Institute, University of Massachusetts at Amherst ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
  6. Thomas I. Palley, 2008. "Asset Price Bubbles and Monetary Policy: Why Central Banks Have Been Wrong and What Should Be Done," IMK Working Paper 05-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  7. Epstein, Gerald, 2009. "Rethinking monetary and financial policy : practical suggestions for monitoring financial stability while generating employment and poverty reduction," ILO Working Papers, International Labour Organization 434439, International Labour Organization.
  8. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis – the case for a Global Keynesian New Deal," MPRA Paper 21175, University Library of Munich, Germany.
  9. Thomas I. Palley, 2006. "Rethinking Trade and Trade Policy: Gomory, Baumol, and Samuelson on Comparative Advantage," Economics Public Policy Brief Archive ppb_86, Levy Economics Institute.
  10. Thomas I. Palley, 2010. "The Troubling Economics and Politics of Paying Interest on Bank Reserves: A Critique of the Federal Reserve’s Exit Strategy," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp221, Political Economy Research Institute, University of Massachusetts at Amherst.

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