Building better cities: Why national urban policy frameworks matter
In: OECD observer
ISSN: 1561-5529
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In: OECD observer
ISSN: 1561-5529
In: Economic Systems, Band 36, Heft 3
SSRN
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly below what Taylor rules would prescribe are correlated with increases in asset prices, especially as regards housing, though no systematic effects are identified on equity markets. Significant asset price increases, however, can also occur when interest rates are in line with Taylor rules, associated with periods of financial deregulation and/or innovation. The paper argues that accommodating monetary policy over the period 2002-2005, in combination with rapid financial market innovation, would seem in retrospect to have been among the factors behind the run-up in asset prices and financial imbalances -- the (partial) unwinding of which helped trigger the 2007/08 financial market turmoil.
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In: OECD Economics Working Paper No. (2008)52
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Working paper
In: Post-communist economies, Band 18, Heft 3, S. 277-295
ISSN: 1465-3958
In: Europe Asia studies, Band 58, Heft 1, S. 1-24
ISSN: 0966-8136
World Affairs Online
In: Europe Asia studies, Band 58, Heft 1, S. 1-24
ISSN: 1465-3427
In: Post-communist economies, Band 17, Heft 3, S. 289-317
ISSN: 1465-3958
In: Eurasian Geography and Economics, Band 46, Heft 8, S. 584-609
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In: OECD Working Paper No. 9/2016
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Working paper
In: OECD journal: economic studies, Band 2012, Heft 1, S. 1-20
ISSN: 1995-2856
In: OECD Working Paper, Band 72, Heft 903
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In: Journal transition studies review: JTSR, Band 14, Heft 1, S. 163-187
ISSN: 1614-4015
In: Public choice, Band 126, Heft 1-2, S. 201-224
ISSN: 1573-7101
In: OECD Economics Working Paper No. 484
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Working paper