NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study

Paul Bloxham, Christopher Kent, Michael Robson

NBER Working Paper No. 16845
Issued in March 2011
NBER Program(s):   ME

The long-running debate about the role of monetary policy in responding to rising asset prices has received renewed attention in the wake of the global financial crisis. This paper contributes to this debate by describing the Australian experience of a cycle in house prices and credit from 2002 to 2004, and discussing the role played by various policies during this episode. In particular, it focuses on the efforts by the Reserve Bank of Australia to draw attention to the risks associated with large, ongoing increases in housing prices and household borrowing.

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Document Object Identifier (DOI): 10.3386/w16845

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