Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?

This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that...

Full description

Saved in:
Bibliographic Details
Published in:Aussenwirtschaft 2007-03, Vol.62 (1), p.9-21
Main Authors: Savioz, Marcel R, Bengui, Julien
Format: Article
Language:English
Subjects:
Assets
Balance sheets
Banking
Central banks
Consumption
Econometrics
Economic conditions
Equity
GDP
Gross Domestic Product
Housing
Housing prices
Inflation
Macroeconomics
Monetary policy
Policy making
Price level changes
Recessions
Securities markets
Statistical analysis
Stock exchanges
Studies
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
cited_by
cites
container_end_page 21
container_issue 1
container_start_page 9
container_title Aussenwirtschaft
container_volume 62
creator Savioz, Marcel R
Bengui, Julien
description This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that are identified, we ask what kind of policy central banks should adopt in two given situations. We argue that in the case of housing price bubbles, emergency measures specifically directed at the housing market might be superior to conventional monetary policy; and that when faced with an emerging stock market bubble, an autonomous central bank of a small open economy should focus on the aftermath of the bust, taking advantage of its ability to conduct a policy tailored to the domestic needs. [PUBLICATION ABSTRACT]
format article
fullrecord <record><control><sourceid>proquest_econi</sourceid><recordid>TN_cdi_proquest_journals_220827387</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1278871031</sourcerecordid><originalsourceid>FETCH-LOGICAL-e1118-525ba2e550488cd132ecd4d46d52a10f79177e54673a9fb2175fae2a794233013</originalsourceid><addsrcrecordid>eNotjlFLwzAURvug4Jz-BOHieyG5aZrUF5ljOmHiQGWPJU1vWUdNZpKi-_dO5tN5OXznO8smjLEi18jLi-wyxh1jyLWQk2wzi5ESrENvCR7GphkognEtvHhHyYQDrP3Q28MdbLYmgTUOGoKBTHDUQhf8J6Qtwdt3HyMsfvYUenKW7q-y884Mka7_Oc0-Hhfv82W-en16ns9WOXHOdS5RNgZJSlZobVsukGxbtEXZSjScdariSpEsSiVM1TXIlewMoVFVgUIwLqbZ7Wl3H_zXSDHVOz8Gd0zWiEyjElodpZuTRNa7PtZ_iMmHGsXxhRK_P6NUHg</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>220827387</pqid></control><display><type>article</type><title>Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?</title><source>International Bibliography of the Social Sciences (IBSS)</source><source>ProQuest ABI/INFORM Global</source><creator>Savioz, Marcel R ; Bengui, Julien</creator><creatorcontrib>Savioz, Marcel R ; Bengui, Julien</creatorcontrib><description>This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that are identified, we ask what kind of policy central banks should adopt in two given situations. We argue that in the case of housing price bubbles, emergency measures specifically directed at the housing market might be superior to conventional monetary policy; and that when faced with an emerging stock market bubble, an autonomous central bank of a small open economy should focus on the aftermath of the bust, taking advantage of its ability to conduct a policy tailored to the domestic needs. [PUBLICATION ABSTRACT]</description><identifier>ISSN: 0004-8216</identifier><language>eng</language><publisher>St.Gallen: Universität St.Gallen, Schweizerisches Institut für Aussenwirtschaft und Angewandte Wirtschaftsforschung (SIAW-HSG)</publisher><subject>Assets ; Balance sheets ; Banking ; Central banks ; Consumption ; Econometrics ; Economic conditions ; Equity ; GDP ; Gross Domestic Product ; Housing ; Housing prices ; Inflation ; Macroeconomics ; Monetary policy ; Policy making ; Price level changes ; Recessions ; Securities markets ; Statistical analysis ; Stock exchanges ; Studies</subject><ispartof>Aussenwirtschaft, 2007-03, Vol.62 (1), p.9-21</ispartof><rights>Copyright Hochschule St. Gallen für Wirstchafts- und Socialwissenschaften Mar 2007</rights><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.proquest.com/docview/220827387/fulltextPDF?pq-origsite=primo$$EPDF$$P50$$Gproquest$$H</linktopdf><linktohtml>$$Uhttps://www.proquest.com/docview/220827387?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>314,780,784,11688,12847,33223,36060,44363,74895</link.rule.ids></links><search><creatorcontrib>Savioz, Marcel R</creatorcontrib><creatorcontrib>Bengui, Julien</creatorcontrib><title>Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?</title><title>Aussenwirtschaft</title><description>This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that are identified, we ask what kind of policy central banks should adopt in two given situations. We argue that in the case of housing price bubbles, emergency measures specifically directed at the housing market might be superior to conventional monetary policy; and that when faced with an emerging stock market bubble, an autonomous central bank of a small open economy should focus on the aftermath of the bust, taking advantage of its ability to conduct a policy tailored to the domestic needs. [PUBLICATION ABSTRACT]</description><subject>Assets</subject><subject>Balance sheets</subject><subject>Banking</subject><subject>Central banks</subject><subject>Consumption</subject><subject>Econometrics</subject><subject>Economic conditions</subject><subject>Equity</subject><subject>GDP</subject><subject>Gross Domestic Product</subject><subject>Housing</subject><subject>Housing prices</subject><subject>Inflation</subject><subject>Macroeconomics</subject><subject>Monetary policy</subject><subject>Policy making</subject><subject>Price level changes</subject><subject>Recessions</subject><subject>Securities markets</subject><subject>Statistical analysis</subject><subject>Stock exchanges</subject><subject>Studies</subject><issn>0004-8216</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2007</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><sourceid>M0C</sourceid><recordid>eNotjlFLwzAURvug4Jz-BOHieyG5aZrUF5ljOmHiQGWPJU1vWUdNZpKi-_dO5tN5OXznO8smjLEi18jLi-wyxh1jyLWQk2wzi5ESrENvCR7GphkognEtvHhHyYQDrP3Q28MdbLYmgTUOGoKBTHDUQhf8J6Qtwdt3HyMsfvYUenKW7q-y884Mka7_Oc0-Hhfv82W-en16ns9WOXHOdS5RNgZJSlZobVsukGxbtEXZSjScdariSpEsSiVM1TXIlewMoVFVgUIwLqbZ7Wl3H_zXSDHVOz8Gd0zWiEyjElodpZuTRNa7PtZ_iMmHGsXxhRK_P6NUHg</recordid><startdate>20070301</startdate><enddate>20070301</enddate><creator>Savioz, Marcel R</creator><creator>Bengui, Julien</creator><general>Universität St.Gallen, Schweizerisches Institut für Aussenwirtschaft und Angewandte Wirtschaftsforschung (SIAW-HSG)</general><general>Hochschule St. Gallen für Wirstchafts- und Socialwissenschaften</general><scope>OT2</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>4T-</scope><scope>4U-</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>8AO</scope><scope>8BF</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AXJJW</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FREBS</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0Q</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20070301</creationdate><title>Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?</title><author>Savioz, Marcel R ; Bengui, Julien</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-e1118-525ba2e550488cd132ecd4d46d52a10f79177e54673a9fb2175fae2a794233013</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2007</creationdate><topic>Assets</topic><topic>Balance sheets</topic><topic>Banking</topic><topic>Central banks</topic><topic>Consumption</topic><topic>Econometrics</topic><topic>Economic conditions</topic><topic>Equity</topic><topic>GDP</topic><topic>Gross Domestic Product</topic><topic>Housing</topic><topic>Housing prices</topic><topic>Inflation</topic><topic>Macroeconomics</topic><topic>Monetary policy</topic><topic>Policy making</topic><topic>Price level changes</topic><topic>Recessions</topic><topic>Securities markets</topic><topic>Statistical analysis</topic><topic>Stock exchanges</topic><topic>Studies</topic><toplevel>online_resources</toplevel><creatorcontrib>Savioz, Marcel R</creatorcontrib><creatorcontrib>Bengui, Julien</creatorcontrib><collection>EconStor</collection><collection>Global News &amp; ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>Docstoc</collection><collection>University Readers</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>ProQuest Pharma Collection</collection><collection>European Business Database (Alumni Edition)</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Asian &amp; European Business Collection</collection><collection>AUTh Library subscriptions: ProQuest Central</collection><collection>ProQuest Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>International Bibliography of the Social Sciences</collection><collection>Asian &amp; European Business Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ProQuest ABI/INFORM Global</collection><collection>European Business Database</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Aussenwirtschaft</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Savioz, Marcel R</au><au>Bengui, Julien</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?</atitle><jtitle>Aussenwirtschaft</jtitle><date>2007-03-01</date><risdate>2007</risdate><volume>62</volume><issue>1</issue><spage>9</spage><epage>21</epage><pages>9-21</pages><issn>0004-8216</issn><abstract>This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that are identified, we ask what kind of policy central banks should adopt in two given situations. We argue that in the case of housing price bubbles, emergency measures specifically directed at the housing market might be superior to conventional monetary policy; and that when faced with an emerging stock market bubble, an autonomous central bank of a small open economy should focus on the aftermath of the bust, taking advantage of its ability to conduct a policy tailored to the domestic needs. [PUBLICATION ABSTRACT]</abstract><cop>St.Gallen</cop><pub>Universität St.Gallen, Schweizerisches Institut für Aussenwirtschaft und Angewandte Wirtschaftsforschung (SIAW-HSG)</pub><tpages>13</tpages><oa>free_for_read</oa></addata></record>
fulltext fulltext
identifier ISSN: 0004-8216
ispartof Aussenwirtschaft, 2007-03, Vol.62 (1), p.9-21
issn 0004-8216
language eng
recordid cdi_proquest_journals_220827387
source International Bibliography of the Social Sciences (IBSS); ProQuest ABI/INFORM Global
subjects Assets
Balance sheets
Banking
Central banks
Consumption
Econometrics
Economic conditions
Equity
GDP
Gross Domestic Product
Housing
Housing prices
Inflation
Macroeconomics
Monetary policy
Policy making
Price level changes
Recessions
Securities markets
Statistical analysis
Stock exchanges
Studies
title Asset Price Bubbles and Monetary Policy: What can be learned from the Swiss Experience?
url http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-28T16%3A14%3A00IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_econi&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Asset%20Price%20Bubbles%20and%20Monetary%20Policy:%20What%20can%20be%20learned%20from%20the%20Swiss%20Experience?&rft.jtitle=Aussenwirtschaft&rft.au=Savioz,%20Marcel%20R&rft.date=2007-03-01&rft.volume=62&rft.issue=1&rft.spage=9&rft.epage=21&rft.pages=9-21&rft.issn=0004-8216&rft_id=info:doi/&rft_dat=%3Cproquest_econi%3E1278871031%3C/proquest_econi%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-e1118-525ba2e550488cd132ecd4d46d52a10f79177e54673a9fb2175fae2a794233013%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=220827387&rft_id=info:pmid/&rfr_iscdi=true