What to Do About Bubbles: Monetary Policy and Macroprudential Regulation

Marvin Goodfriend

Chapter 20 in The International Financial Crisis:Have the Rules of Finance Changed?, 2011, pp 295-301 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractA few years ago, I argued at this conference that it is impractical for interest rate policy to act directly against extreme asset price appreciations. Among other things, I pointed out that there is unlikely to be a window of opportunity to act because, once policymakers agree that asset prices are unsustainably high, they would also agree that an aggressive interest rate action could cause asset prices to crash; and policymakers would not want to precipitate a disorderly adjustment in asset prices…

Keywords: Financial Crisis; Financial Regulation; International Banking; Financial Regulatory Reform (search for similar items in EconPapers)
Date: 2011
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