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What should Monetary Policy do in the Face of Soaring Asset Prices and Rampant Credit Growth?

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Date
2018
Dewey
Macroéconomie
Sujet
Monetary policy; Asset prices; Financial cycle; Macroprudential policy
JEL code
G.G1.G12; E.E5.E52
Journal issue
Revue de l'OFCE
Volume
3
Number
157
Publication date
2018
Article pages
283-298
Publisher
Presses de Sciences Po
DOI
http://dx.doi.org/10.3917/reof.157.0283
URI
https://basepub.dauphine.fr/handle/123456789/20399
Collections
  • LEDa : Publications
Metadata
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Author
Epaulard, Anne
163511 Laboratoire d'Economie de Dauphine [LEDa]
Type
Article accepté pour publication ou publié
Abstract (EN)
In the aftermath of the financial crisis macroeconomists once again took an interest in the options offered by monetary policy to deal with asset price bubbles. Empirical studies seem to show that the soaring debt of agents is more dangerous than the soaring prices of financial assets. Macroprudential tools now appear to be able to limit the amplitude of cycles of indebtedness. The debate is henceforth focusing on the last resort role left to monetary policy in cases where the implementation of macroprudential tools will not be sufficient.

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