Assenza, Tiziana; Berardi, Michele; Delli Gatti, Domenico - 2011
Should the central bank prevent "excessive" asset price dynamics or should it wait until the boom spontaneously turns …-Gertler (BG) and Cecchetti but has not settled yet. In their 1999 paper BG claimed that price stability and financial stability … strategy so that, in the end, asset price dynamics will be incorporated into the NK Phillips curve. In our context it is not …