FMI Banque Mondiale BCE
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Federal Reserve
The Role of a Central Bank in a Bubble Economy - Part I
Abstract : In recent years, price bubbles appear to have developed in the real estate markets in several developed economies, including the United States, Australia, the United Kingdom, the Nordic countries and Japan. Often these price increases in land have been accompanied by rapid run-ups in the price of equity securities in the domestic market. Because of the importance of real estate and equity security prices to economic activity, real estate and share price bubbles can damage the economy if they break and lead to price crashes. These bubbles pose an intriguing question of political and economic organization, and raise questions about the efficacy of central bank intervention.
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