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Central banks and house prices in the run-up to the crisis

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  • David Cobham

Abstract

The financial crisis and the role played within it by fluctuations in house prices has reopened the debate about whether monetary policy should respond to asset prices. This paper investigates how the central banks of the euro area, the UK and the US considered, understood and responded to the trends in house prices in the six or seven years preceding the crisis, and how they have analysed those developments since the crisis. It suggests that these central banks, particularly the Anglo-Saxon ones, might have been able to take some useful action if they had devoted more intellectual resources to analysing the possible misalignments of house prices and been willing to act on them.

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File URL: http://www.sml.hw.ac.uk/documents/research/HW_DP_2012_04.pdf
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Paper provided by Department of Economics, School of Management and Languages, Heriot Watt University in its series Heriot-Watt University Economics Discussion Papers with number 1204.

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Date of creation: 2012
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Handle: RePEc:hwe:hwuedp:1204

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Cited by:
  1. Cobham, David, 2012. "The past, present and future of central banking," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2012-50, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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