Pricking Bubbles in the Wind: Could Central Banks Have Done More to Head Off the Financial Crisis?

Howard Davies

Australian Economic Review, 2009, vol. 42, issue 4, 387-396

Abstract: Regulators, commercial and investment banks, hedge funds and rating agencies have all borne some blame for the current global financial crisis, but could central banks have done more? It is argued in the lecture that in a number of ways central banks should have paid more attention to asset bubbles, which have high output costs. Asset prices, especially housing prices, should be identified as an explicit factor in the consideration of policy. More generally, central banks should adopt policies that ‘lean against the wind’.

Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1467-8462.2009.00572.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ausecr:v:42:y:2009:i:4:p:387-396

Ordering information: This journal article can be ordered from
https://ordering.onl ... 7-8462&ref=1467-8462

Access Statistics for this article

Australian Economic Review is currently edited by John de New, Viet Hoang Nguyen and Susan Méndez

More articles in Australian Economic Review from The University of Melbourne, Melbourne Institute of Applied Economic and Social Research Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().