The BIS has been at the forefront of some very stimulating research suggesting that monetary policy should perhaps pay more attention to asset price developments. Do you think that some of these insights have trickled down to the policy-making process, or are these arguments still too controversial?
The arguments are still controversial, and rightly so: the issues involved leave ample room for reasonable people to disagree. At the same time, the way they are often discussed in the popular press
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