Introduction I would like to express my sincere gratitude to all the participants. It was a great pleasure for us, the International Monetary Fund, the Financial Services Agency, and the Bank of Japan, to hold such a large conference on financial innovation in Asia. Indeed,…
The role of Central Banks in the fight against climate change has been in the forefront of discussion in recent days. Representatives on both sides of the debate ponder the extent to which the government’s leading monetary tool should concern itself with addressing this ever-growing…
Bernanke and Gertler concluded asset bubbles as practically impossible to identify beforehand and that “monetary policy is not by itself a sufficient tool to contain the potentially damaging effects of booms and busts in asset prices” (Bernanke & Gertler, 1999). Throughout this literature review I…
Bernanke and Gertler (2000) categorise bubbles as episodes that are difficult or impossible to identify even after the fact. They warn that there is no form of monetary policy that can be used to safely pop a bubble and that any steep action taken by…
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