The brave new world of central banking

At the dawn of the 21st century, property and equity ownership are spread more broadly across the population than they once were, according to the Czech National Bank Working Paper "The brave new world of central banking: The policy challenges posed by asset price booms and busts" by Stephen Cecchetti.

One consequence of this is that asset price booms and crashes now have a direct impact on general welfare. The fact that bubbles distort nearly all economic decisions gives policymakers a stronger

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