Asset Prices and Monetary Policy

Asset Prices and Monetary Policy

John Y. Campbell

Print publication date: 2013

ISBN: 9780226092119

Publisher: University of Chicago Press

Abstract

Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In this book, scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors.