How Should Central Banks Respond to Asset-Price Bubbles? The 'Lean' versus 'Clean' Debate After the GFC

Frederic S. Mishkin

32 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

One of the most important issues facing central banks is whether they should respond to potential asset-price bubbles. Because asset prices are a central element in the transmission mechanisms

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References

1998The Financial Accelerator in a Quantitative Business Cycle Framework 2009This Time Is Different 1979Manias, Panics, and Crashes: A History of Financial Crises 2011Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism?2012Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts 2006Has Finance Made the World Riskier?2002Asset prices, financial and monetary stability: exploring the nexus 1993Monetary Policy and Bank Lending

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2013Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies 2012Central Banking for Financial Stability in Asia 2019Trade-offs between macroeconomic and financial stability objectives 2022Can monetary policy lean against housing bubbles?2010Should Monetary Policy Be Used to Counteract Financial Imbalances

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