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Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts

Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts by Alasdair Scott
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We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts.
International Monetary Fund; November 2009
39 pages; ISBN 9781452754093
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Title: Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts
Author: Alasdair Scott; Pau Rabanal; Prakash Kannan
 
ISBNs
1452754098
9781451873993
9781451918137
9781452754093