This article discusses the information content of asset prices and their potential role in the Bank's. checklist of monetary indicators. A preliminary empirical analysis of the relationship between asset prices, real economic activity and inflation suggest that asset prices have some useful indicator value, but insufficiently reliable to serve as key guides for policy.
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Culter, D.M. & Poterba, J.M. & Summers, L.H., 1990.
"Speculative Dynamics,"
Working papers
544, Massachusetts Institute of Technology (MIT), Department of Economics.
Other versions:
David M. Cutler & James M. Poterba & Lawrence H. Summers, 1990.
"Speculative Dynamics,"
NBER Working Papers
3242, National Bureau of Economic Research, Inc.
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Cutler, David M & Poterba, James M & Summers, Lawrence H, 1991.
"Speculative Dynamics,"
Review of Economic Studies,
Blackwell Publishing, vol. 58(3), pages 529-46, May.
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