Asset Prices, Globalisation, and Implications for Monetary Policy

Mario I Blejer ()
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Mario I Blejer: Center For Central Banking Studies, Bank of England, Threadneedle Street, London EC2R 8AH, UK.

Comparative Economic Studies, 2007, vol. 49, issue 3, 339-344

Abstract: There is considerable disagreement regarding the role of monetary policy to deal with asset price inflation. It is claimed here, that current asset prices reflect, at least partially, a new equilibrium situation and it is not a bubble. This is the consequence of the globalisation-induced wealth concentration that leads to increase demand for scarce assets. In these conditions, monetary policy should not attempt to control asset prices.

Date: 2007
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