Article information
Full text is only available in PDF
Referencias bibliográficas
[Akerlof and Shiller, 2008]
G. Akerlof, R.J. Shiller.
Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism.
Princeton University Press, (2008),
[Batini and Nelson, 2000]
Batini, N. and E. Nelson (2000), «When the bubble bursts; Monetary policy rules and foreign exchange market behaviour», Bank of England, mimeo.
[Bean, 2003]
Ch. Bean.
Asset prices, financial imbalances and monetary policy: Are inflation targetsenough?.
Asset Prices and Monetary Policy,
[Bernanke, 2002]
Bernanke, B. (2002), «Asset price bubbles’ and monetary policy», speech before the New York Chapter of the National Association for Business Economics, 15 October.
[Bernanke, 2005]
Bernanke, B.S. (2005), «The Global SAving Glut and the US Current Account Deficit», remarktsby Governor Ben S. Bernanke at the Sandridge Lecture, St. Louis, Mossouri, on April14, 2005.
[Bernanke, 1999]
B. Bernanke, M. Gertler.
Monetary policy and asset price volatility.
New Challenges for Monetary Policy,
[Black, 1976]
F. Black.
Studies of stock price volatility changes.
Ptoceedings of the 1976 Meetingof the American Statistical Association, Business and Economics Statistics Section, pp. 177-181
[Bordo, 2002]
Bordo, M. and O. Jeanne (2002), «Inflation shocks and financial distress: A historical analysis », Federal Reserve Bank of St. Louis, Working Paper n° 2000-005A.
[Borio and Furfine, 2001]
C. Borio, C. Furfine, P. Lowe.
«Pro-cyclicality of the financial system and financial stability: Issues and policy options».
Marrying the macro- and microprudential dimensions of financial stability, pp. 1-57
[Cecchhetti and Genberg, 2003]
S.G. Cecchhetti, H. Genberg, S. Wadhwani.
Asset prices in a flexible inflation targeting framework.
Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies, pp. 427-444
[Clarida and Galí, 1999]
R. Clarida, J. Galí, M. Gertler.
The science of monetary policy: A New Keynesian perspective.
Journal of Economic Literature, 37 (1999), pp. 1661-1707
[Engelhardt, 1994]
G.V. Engelhardt.
House Prices and the Decision to Save for Down Paymwnts.
Journal of Urban Economics, 36 (1994), pp. 209-237
[Filardo, 2004]
Filardo, A. (2004), «Asset price bubbles and monetary policy: A multivariate expansion», BIS working paper.
[FSF, 2008]
FSF (Financial Stabiltiy Forum) (2008), Report of the Financial Stability Forum on Enhancing Marhet and Institutional Resilience, 7 April.
[Goodfriend, 2007]
Goodfriend, M. (2007), «How the world achieved consensus on monetary policy», Journal of Economic Perspectives.
[Goodhart, 2004]
Goodhart, C.A. E. (2004), «Some new directions for financial stability», The Per Jacobson Lecture, Zurich, 27 June.
[Greenspan, 2008]
A. Greenspan.
The Age of Turbulence, Penguin Books, (2008),
[Kent et al., 1997]
Kent, C. and Ph. Lowe (1997), «Asset-price bubbles and monetary policy», Reserve Bank of Australia, Research Discussion Paper 9709, December.
[Kydland and Prescott, 1977]
F.E. Kydland, E.C. Prescott.
Rules rather than discretion: The inconsistency of optimal plans.
The Journal of Political Economy, 87 (1977), pp. 473-492
[Meltzer, 1995]
A.H. Meltzer.
Monetary, credit and (other) transmission processes: A monetarist perspective.
Journal of Economic Perspectives, 9 (1995), pp. 49-72
[Obsfeld and Rogoff, 2006]
M. Obsfeld, K. Rogoff.
Foundations of International Macroeconomics.
The MIT Press, (2006),
[Poole, 1970]
W. Poole.
The optimal choice of monetary policy instrument in a simple stochastic macro model.
Quarterly Journal of Economics, 84 (1970), pp. 197-216
[Richardson and Roubini, 2009]
Richardson, M. and N. Roubini, (2009), «Nationalize the Banks! We’re all Suedes Now», The Washington Post, February 15.
[Rogoff, 1985]
K. Rogoff.
The optimal degree of commitment to an intermediate monetary target.
Quarterly Journal of Economics, 100 (1985), pp. 1169-1189
[Sheiner, 1995]
L. Sheiner.
Housing Wealth and Agrégate Saving.
Journal of Urban Economics, 38 (1995), pp. 94-125
[Shiller, 2008]
R.J. Shiller.
Infectious exuberance.
The Atlantic Magazine, (2008),
[Svensson, 1997]
L.E.O. Svensson.
Inflation forecast targeting: Implementing and monitoring inflation targets.
European Economic Review, 41 (1997), pp. 1111-1146
[Taylor, 1993]
J.B. Taylor.
Discretion versus policy rules in practice.
Carnegie-Rochester Conference Series on Public Policy, 36 (1993), pp. 195-214
[Trichet, 2005]
Trichet, J.-C. (2005), «Asset price bubbles and monetary policy», speech before the Central Bank of Singapore, Mas lecture, 8 June.
[Walsh, 1995]
C.E. Walsh.
Optimal contracts for central bankers.
American Economic Review, 85 (1995), pp. 150-167
[Weber, 2005]
A. Weber.
How to identify aset price bubbles?.
Schwerpunkyyhemen und Serien, Börsen-Zeitung, (2005),
[Woodford, 2003]
M. Woodford.
Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton, (2003),
This paper is an extended and updated version of the lecture given at the National Bank of Kazakhstan on May 6, 2008. I would like to thank Joan Hortalà for his helpful comments to an earlier version of the paper, and to Santiago Chamorro, Aquil·lí Mata, Grigory Marchenko and Kuat Kozhakhmetov for many useful comments and suggestions.
Copyright © 2009. Asociación Cuadernos de Economía