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NBER Working Papers and Publications
|May 2002||Asset Prices in a Flexible Inflation Targeting Framework|
with Stephen G. Cecchetti, Sushil Wadhwani: w8970
We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and above the deviation of, say, a two-year ahead inflation forecast from target. In this paper, we first summarize the arguments for our basic proposition. We then discuss some of the counter-arguments. Specifically, we counter those who argue that reacting to asset prices does not improve macroeconomic performance by claiming that they are attacking the 'straw man' under which central bankers react in the same way to all asset price changes. We continue to emphasize that policy reactions to asset price misalignments must be qualitatively different from reactions to asset prices changes driven by fund...
Published: Hunter, William C., George G. Kaufman and Michael Pomerleano (eds.) Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies." Cambridge, MA: MIT Press, 2002.
|January 1993||The Provision of Liquidity in the Bretton Woods System|
with Alexander Swoboda
in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, Michael D. Bordo and Barry Eichengreen, editors
|1984||Properties of Innovations in Spot and Forward Exchange Rates and the Role of Money Supply Processes|
in Exchange Rate Theory and Practice, John F. O. Bilson and Richard C. Marston, editors