Monetary policy, financial stability and asset prices

Jaime Caruana
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Jaime Caruana: Banco de España

No 507, Occasional Papers from Banco de España

Abstract: This paper offers some thoughts on the relationship between asset price developments, the conduct of monetary policy and the role of financial regulation, in a low inflation environment. It also reviews some recent episodes of financial stress and the experience of asset inflation in the Spanish housing market. A number of policy lessons are drawn with special attention to the European Monetary Union.

Pages: 31 pages
Date: 2005-12
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Citations: View citations in EconPapers (8)

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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... s/05/Fic/do0507e.pdf First version, December 2005 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:0507

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