Greenspan on the central banker's art

Central Banking staff
26 Aug 2005

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Alan Greenspan attributed the recent increase in asset values to investors' willingness to accept lower compensation for risk, as part of his opening remarks to the annual central bank symposium in Jackson Hole on 26 August.

The chairman of the Federal Reserve Board noted: "The determination of global economic activity in recent years has been influenced importantly by capital gains on various types of assets, and the liabilities that finance them. Our forecasts and hence policy are becoming

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