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Asset Price Bubbles and the Case for Asset-Based Reserve Requirements

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  • Thomas Palley

Abstract

Federal Reserve chairman Alan Greenspan, as well as other Fed governors, has spiritedly maintained that it is not the job of the central bank to restrain bubbles in asset prices. But this economist argues that, in the real world, asset prices should very much be under the Fed's purview.

Suggested Citation

  • Thomas Palley, 2003. "Asset Price Bubbles and the Case for Asset-Based Reserve Requirements," Challenge, Taylor & Francis Journals, vol. 46(3), pages 53-72.
  • Handle: RePEc:mes:challe:v:46:y:2003:i:3:p:53-72
    DOI: 10.1080/05775132.2003.11034200
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    File URL: http://hdl.handle.net/10.1080/05775132.2003.11034200
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    Citations

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    Cited by:

    1. Thomas I. Palley, 2008. "Endogenous Money: Implications for the Money Supply Process, Interest Rates, and Macroeconomics," Working Papers wp178, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Dongkoo Chang & Choon-Seng Lim, Vincent & Eufrocinio M. Bernabe, Jr., "undated". "Alternative Monetary Policy Frameworks for Price and Financial Stability," Working Papers wp06, South East Asian Central Banks (SEACEN) Research and Training Centre.
    3. Thomas I. Palley, 2006. "Rethinking Trade and Trade Policy: Gomory, Baumol, and Samuelson on Comparative Advantage," Economics Public Policy Brief Archive ppb_86, Levy Economics Institute.
    4. Thomas Palley, 2010. "The Politics of Paying Interest on Bank Reserves," Challenge, Taylor & Francis Journals, vol. 53(3), pages 49-65.
    5. Daniel Detzer, 2012. "New instruments for banking regulation and monetary policy after the crisis," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 9(2), pages 233-254.
    6. Eckhard Hein, 2012. "The Macroeconomics of Finance-Dominated Capitalism – and its Crisis," Books, Edward Elgar Publishing, number 14931, April.
    7. repec:ilo:ilowps:434439 is not listed on IDEAS
    8. repec:mes:postke:v:35:y:2012:i:2:p:187-213 is not listed on IDEAS
    9. Eckhard Hein & Achim Truger, 2012. "Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(2), pages 187-213.
    10. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
    11. Thomas I. Palley, 2015. "Monetary Policy at the Zero Lower Bound and After: A Reassessment of Quantitative Easing and Critique of the Federal Reserve's Proposed Exit Strategy," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 1-27, February.
    12. Thomas I. Palley, 2010. "The Troubling Economics and Politics of Paying Interest on Bank Reserves: A Critique of the Federal Reserve’s Exit Strategy," Working Papers wp221, Political Economy Research Institute, University of Massachusetts at Amherst.
    13. Thomas I. Palley, 2010. "Asset price bubbles and counter-cyclical monetary policy: Why central banks have been wrong and what should be done," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(1), pages 91-107.
    14. Thomas I. Palley, 2008. "Asset Price Bubbles and Monetary Policy: Why Central Banks Have Been Wrong and What Should Be Done," IMK Working Paper 05-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    15. Thomas I. Palley, 2013. "Monetary policy in the liquidity trap and after: A reassessment of quantitative easing and critique of the Federal Reserve’s proposed exit strategy," IMK Working Paper 113-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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