Series: Occasional Papers. 0507.
Author: Jaime Caruana
Monetary policy
- Macroprudential policy
- Financial risks
- Economic growth and convergence
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Abstract
This paper offers some thoughts on the relationship between asset price developments, the conduct of monetary policy and the role of financial regulation, in a low inflation environment. It also reviews some recent episodes of financial stress and the experience of asset inflation in the Spanish housing market. A number of policy lessons are drawn with special attention to the European Monetary Union.