Monetary policy and asset markets: conference summary
This Economic Letter summarizes the papers presented at a conference on "Monetary Policy and Asset Markets" held at the Federal Reserve Bank of San Francisco on February 22, 2008. ; One of the papers focused on extracting information on policy changes from the interest rate term structure and on whether investors value those policy changes or view them as an additional source of risk to be hedged. Another paper examined the extent to which subjective expectations may explain certain asset price puzzles. A third paper looked at the housing sector, quantifying the factors that drive residential investment and the extent to which housing sector developments can spill over to the broader economy. A fourth paper studied asset price bubbles, showing how investors' need to learn about an asset's risk and return characteristics can generate recurrent bubbles and crashes. A fifth paper analyzed whether shocks to expectations in currency markets create a role for a central bank stabilizing its exchange rate. ; The papers are listed at the end and are available at http://www.frbsf.org/economics/conferences/0802/index.html
Volume (Year): (2008)
Issue (Month): jul11 ()
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