Posen: we can’t call bubbles


Adam Posen, an external member of the Bank of England's Monetary Policy Committee, on Tuesday warned that in trying to prevent asset bubbles central banks risks choking off beneficial booms.

Speaking at the Cato Institute's Annual Monetary Conference in Washington DC, Posen cited ongoing research by him and others, which underlined the difficulties in distinguishing asset-price booms from bubbles.

The research used data which covered residential real-estate and equity prices for 17 developed cou

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