Fed's Plosser on housing and monetary policy

The recent reversal of the boom in housing activity and house prices in the United States has contributed to a slowdown in economic growth, says Charles Plosser, the president of the Federal Reserve Bank of Philadelphia, in this speech. But, he argues, this has not derailed the prospect that economic growth will return toward trend at the end of 2007 and in 2008.

Plosser adds that central banks "should not make changes in monetary policy that are above and beyond what would be normally called

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