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How Should Central Banks Respond to Asset-Price Bubbles? The 'Lean' versus 'Clean' Debate After the GFC

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  • Fredric Mishkin

    (Reserve Bank of Australia)

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File URL: http://www.rba.gov.au/publications/bulletin/2011/jun/pdf/bu-0611-8.pdf
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Bibliographic Info

Article provided by Reserve Bank of Australia in its journal RBA Bulletin.

Volume (Year): (2011)
Issue (Month): (June)
Pages: 59-70

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Handle: RePEc:rba:rbabul:jun2011-08

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Related research

Keywords: asset prices; bubbles; credit; monetary policy;

References

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  1. Emmanuel Farhi & Jean Tirole, 2009. "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts," NBER Working Papers 15138, National Bureau of Economic Research, Inc.
  2. Paul Bloxham & Christopher Kent & Michael Robson, 2010. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," RBA Research Discussion Papers, Reserve Bank of Australia rdp2010-06, Reserve Bank of Australia.
  3. David Gruen & Michael Plumb & Andrew Stone, 2003. "How Should Monetary Policy Respond to Asset-price Bubbles?," RBA Research Discussion Papers, Reserve Bank of Australia rdp2003-11, Reserve Bank of Australia.
  4. Todd Keister, 2014. "Bailouts and Financial Fragility," Departmental Working Papers, Rutgers University, Department of Economics 201401, Rutgers University, Department of Economics.
  5. Kenneth French & Martin Baily & John Campbell & John Cochrane & Douglas Diamond & Darrell Duffie & Anil Kashyap & Frederic Mishkin & Raghuram Rajan & David Scharfstein & Robert Shiller & Hyun Song Shi, 2010. "The Squam Lake Report: Fixing the Financial System," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 22(3), pages 8-21.
  6. Tobias Adrian & Emanuel Moench & Hyun Song Shin, 2010. "Macro Risk Premium and Intermediary Balance Sheet Quantities," IMF Economic Review, Palgrave Macmillan, Palgrave Macmillan, vol. 58(1), pages 179-207, August.
  7. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, Elsevier, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
  8. Leonardo Gambacorta, 2009. "Monetary policy and the risk-taking channel," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, December.
  9. Philip Turner, 2010. "Central banks and the financial crisis," BIS Papers chapters, in: Bank for International Settlements (ed.), Perspectives on inflation targeting, financial stability and the global crisis, volume 51, pages 21-25 Bank for International Settlements.
  10. Tobias Adrian & Hyun Song Shin, 2009. "Money, Liquidity, and Monetary Policy," American Economic Review, American Economic Association, American Economic Association, vol. 99(2), pages 600-605, May.
  11. Dupor, Bill, 2005. "Stabilizing non-fundamental asset price movements under discretion and limited information," Journal of Monetary Economics, Elsevier, Elsevier, vol. 52(4), pages 727-747, May.
  12. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  13. Jean boivin & Timothy Lane & Césaire Meh, 2010. "Should Monetary Policy Be Used to Counteract Financial Imbalances?," Bank of Canada Review, Bank of Canada, Bank of Canada, vol. 2010(Summer), pages 23-36.
  14. Tobias Adrian & Hyun Song Shin, 2009. "Financial intermediaries and monetary economics," Staff Reports, Federal Reserve Bank of New York 398, Federal Reserve Bank of New York.
  15. Ioannidou, V. & Ongena, S. & Peydro, J.L., 2009. "Monetary Policy, Risk-Taking, and Pricing: Evidence from a Quasi-Natural Experiment," Discussion Paper, Tilburg University, Center for Economic Research 2009-31 S, Tilburg University, Center for Economic Research.
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Cited by:
  1. F. Gulcin Ozkan & D. Filiz Unsal, 2014. "On the use of Monetary and Macroprudential Policies for Small Open Economies," IMF Working Papers 14/112, International Monetary Fund.

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