RBA's Stevens: monetary policy and booms

The proposition that monetary policy should lean against asset price and credit booms is up for discussion again, said Glenn Stevens, the governor of the Reserve Bank of Australia.

Speaking at a meeting of Australian company directors, Stevens said that this debate was quite active in the period following the collapse of the dot com boom in the early 2000s.

However, "those in favour of policy action aimed at moderating financial cycles did not carry the day, mainly because the US economy

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