Previous version presented at the Bank of England-Hong Kong Monetary Authority-International Monetary Fund conference on Monetary, Financial and Prudential Policy Interactions in the Post-Crisis World held at Bank of England, London, June 16-17, 2015.
An interview of me by IMF Survey.
- Monetary policy is not suitable for managing housing booms and rising household debt
- Not all housing booms pose a problem
- Identifying problem cases requires deep and complex analysis
“A simple cost-benefit analysis of using monetary policy for financial-stability purposes,” in Blanchard, Olivier J., Raghuram Rajan, Kenneth S. Rogoff, and Lawrence H. Summers, eds., Progress and Confusion: The State of Macroeconomic Policy, MIT Press, forthcoming.
Contribution to the conference Rethinking Macro Policy III: Progress or Confusion?, Washington, DC, April 15-16, 2015.