Detken, Carsten (contributor); Smets, Frank (contributor) - 2004
to asset price
booms and busts 23
3.1. Asset prices and the inflation/output gap
stabilisation trade-off 23
3 … example,
real estate prices rise stronger, the output gap improves more, real monetary and real credit growth is
larger and …
gap, i.e. a larger deviation from the inflation trend, following the boom, in spite of the large drop in
output and …