The role of asset prices is an important issue considered in
some studies. However, no consensus was reached about whether
the central bank should or should not target this kind of variables.
Cecchetti et al. (2000), Borio and Lowe (2002), Goodhart and
Hofmann (2002), Sack and Rigobon (2003), Chadha et al. (2004)
and Rotondi and Vaciago (2005) consider it important that central
banks target asset prices. They also provide strong support and
evidence in that direction. On the contrary, Bernanke and Gertler
(1999, 2001) and Bullard and Schaling (2002) do not agree with an
ex-ante control over asset prices. They consider that once the predictive
content of asset prices for inflation has been accounted for,
monetary authorities should not respond to movements in assets
prices. Instead, central banks should act only if it is expected that
they affect inflation forecast or after the burst of a financial bubble
in order to avoid damages to the real economy.
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