Central banks and house prices in the run-up to the crisis
研究了欧元区、英国和美国的中央银行在金融危机前六七年如何理解并应对房价趋势，指出若投入更多资源分析房价失衡并采取行动，可能有助于缓解危机。
The financial crisis and the role played within it by fluctuations in house prices has reopened the debate about whether monetary policy should respond to asset prices. This paper investigates how the central banks of the euro area, the UK and the US considered, understood and responded to the trends in house prices in the six or seven years preceding the crisis, and how they have analysed those developments since the crisis. It suggests that these central banks, particularly the Anglo-Saxon ones, might have been able to take some useful action if they had devoted more intellectual resources to analysing the possible misalignments of house prices and been willing to act on them. Copyright 2013 Oxford University Press 2012 All rights reserved, Oxford University Press.