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Asset Prices, Globalisation, and Implications for Monetary Policy

Author

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  • Mario I Blejer

    (Center For Central Banking Studies, Bank of England, Threadneedle Street, London EC2R 8AH, UK.)

Abstract

There is considerable disagreement regarding the role of monetary policy to deal with asset price inflation. It is claimed here, that current asset prices reflect, at least partially, a new equilibrium situation and it is not a bubble. This is the consequence of the globalisation-induced wealth concentration that leads to increase demand for scarce assets. In these conditions, monetary policy should not attempt to control asset prices.

Suggested Citation

  • Mario I Blejer, 2007. "Asset Prices, Globalisation, and Implications for Monetary Policy," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(3), pages 339-344, September.
    • Handle: RePEc:pal:compes:v:49:y:2007:i:3:p:339-344
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    Cited by:

    1. Ardian Muçi & Drini Salko & Fehmi Azemi, 2016. "Market and Banking Competition in the Frame of the Financial Crisis: Albanian Case," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 5, December.

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