Share prices, house prices and monetary policy
探讨股价和房价波动与宏观经济及货币政策的关系，分析资产价格泡沫的识别难题，并以美国和欧元区为例说明，对研究货币政策与资产价格互动的学者有参考价值。
Recent developments in stock and house prices revived the debate on the role of asset prices in the conduct of monetary policy. The article first explores the links between asset price fluctuations, macroeconomic developments and monetary policy, highlighting the possibility of asset price booms and bursts in an environment of stable consumer prices and the challenges for monetary policy. The problem of identification of “bubbles” is then illustrated by an assessment of recent developments in stock prices in the United States and the euro area and in house prices in the euro area, with special attention for the fast-increasing house prices in some countries and for the Belgian situation. Finally, the article briefly explains how asset prices are taken into account in the monetary policy strategy of the Eurosystem.