Central banks and asset inflation

FEATURE - A modern central bank needs to watch asset prices as well as traditional inflation.

From The Economist, London, 20 April edition

Ask a central banker what his main job is, and he (more rarely, she) will say it is to maintain price stability. A growing number of central banks have adopted formal targets for inflation. Even so, a debate has recently been raging about whether central banks should worry also about swings in the prices of assets not counted in most measures of inflation -

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