Asset Prices and Central Bank Policy

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Centre for Economic Policy Research, 2000 - Business & Economics - 140 pages
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How should central banks view movements in equity, housing and foreign exchange markets? Can policy-makers improve economic performance by paying attention to asset prices, as well as inflation and output forecasts? Is it possible to identify asset price misalignments and bubbles? Is it possible to use non-conventional policies to address asset price misalignments? Should asset prices be included directly in measures of inflation? Do asset prices contain information about future consumer price inflation? This is the second report in a series of Geneva Reports on the World Economy, organized by the Center for International Monetary and Banking Studies, Geneva, in conjunction with the Centre for Economic Policy Research.

 

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Contents

Asset Prices and Macroeconomic Stability
13
Identifying Misalignments and Bubbles
41
Asset Prices in an Inflation Targeting Framework
51
Historical Lessons
64
Asset Prices and Inflation Measurement
79
Asset Prices and Inflation Forecasts
89
Discussion
100
Endnotes
131
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About the author (2000)

Stephen G. Cecchettiis the Economic Adviser and the Head of the Monetary and Economic Department at the Bank for International Settlements.Hans Genberg is the executive director of research at the Hong Kong Monetary Authority.John Lipsky was First Deputy Managing Director at the International Monetary Fund. Prior to joining the IMF, he was Vice Chairman of the JPMorgan Investment Bank.Sushil Wadhwani was a member of the Bank of England's Monetary Policy Committee from June 1999 to May 2002. He is also the founder and chief executive officer of Wadhwani Asset Management.

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