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What to Do About Bubbles: Monetary Policy and Macroprudential Regulation

In: The International Financial Crisis Have the Rules of Finance Changed?

Author

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  • Marvin Goodfriend

    (Carnegie Mellon University, USA)

Abstract

A few years ago, I argued at this conference that it is impractical for interest rate policy to act directly against extreme asset price appreciations. Among other things, I pointed out that there is unlikely to be a window of opportunity to act because, once policymakers agree that asset prices are unsustainably high, they would also agree that an aggressive interest rate action could cause asset prices to crash; and policymakers would not want to precipitate a disorderly adjustment in asset prices…

Suggested Citation

  • Marvin Goodfriend, 2011. "What to Do About Bubbles: Monetary Policy and Macroprudential Regulation," World Scientific Book Chapters, in: Asli Demirgüç-Kunt & Douglas D Evanoff & George G Kaufman (ed.), The International Financial Crisis Have the Rules of Finance Changed?, chapter 20, pages 295-301, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814322096_0020
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