Fed's Mishkin on house prices in monetary policy

In the speech 'The role of house prices in formulating monetary policy' given on 17 January Frederic Mishkin of the Federal Reserve said the Fed should not get involved with trying to burst or even slow the growth of housing bubbles because it would lose credibility with the public and make it harder to do its job.

"Monetary policy makers should restrict their efforts to achieving their dual mandate of stabilizing inflation and employment, and should not alter policy to have preemptive effects

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