LEADER 06036oam 22012134 450 001 9910962131603321 005 20250426110608.0 010 $a9786612844492 010 $a9781462317417 010 $a1462317413 010 $a9781451873993 010 $a1451873999 010 $a9781282844490 010 $a1282844490 010 $a9781452754093 010 $a1452754098 035 $a(CKB)3170000000055384 035 $a(SSID)ssj0000942102 035 $a(PQKBManifestationID)11502221 035 $a(PQKBTitleCode)TC0000942102 035 $a(PQKBWorkID)10971989 035 $a(PQKB)11787770 035 $a(OCoLC)680613649 035 $a(IMF)WPIEE2009252 035 $a(MiAaPQ)EBC1605967 035 $a(IMF)WPIEA2009252 035 $aWPIEA2009252 035 $a(EXLCZ)993170000000055384 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMacroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts /$fAlasdair Scott, Pau Rabanal, Prakash Kannan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a39 p. $cill 225 1 $aIMF Working Papers 300 $a"November 2009". 311 08$a9781451918137 311 08$a1451918135 327 $aIntro -- Contents -- I. Introduction -- II. Asset Price Busts in the Modern Era -- A. Defining Asset Price Busts -- B. Patterns in macroeconomic Variables in the Run-Up to a Bust -- III. How Good are These Variables as Indicators of Asset Price Busts? -- IV. Macroeconomic Patterns Ahead of the Current Crisis -- A. The Role of Monetary Policy -- V. Conclusion -- References -- Data Appendix -- Tables -- 1. House Price and Stock Price Busts from 1970 to 2008 -- 2. Classification of Observations Based on variable Thresholds -- 3. Percentiles Used as Thresholds for Alarms -- 4. Marginal Probabilities Based on Probit Regressions -- Figures -- 1. Asset Price Busts -- 2. Selected Macroeconomic Variables Before and During House Price Busts -- 3. Selected Macroeconomic Variables Before and During Stock Price Busts -- 4. Selected Macroeconomic Variables Before and During High-Cost and Other House Price Busts, 1985-2008 -- 5. The Probability of an Asset Price Bust -- 6. The Failure of the Indicators to Predict an Asset Price Bust -- 7. Recent Developments in House and Stock Prices -- 8. Warning Signs for Recent House Price Busts -- 9. Macroeconomic Patterns Underlying Recent House Price Booms -- 10. Recent House Price Booms and Household Balance Sheets -- 11. Monetary Conditions Leading up to the Current Crisis -- 12. Inflation and Output for Advnaced Economies in Recent Years -- 13. House Prices and Monetary Conditions -- 14. Stock Prices and Monetary Conditions -- 15. Growth Rate of Nominal Credit Relative to GDP and Real Policy Rates -- 16. Selected Macroeconomic Variables Before and During House Price Busts -- 17. Selected Macroeconomic Variables Before and During Stock Price Busts. 330 3 $aWe find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/252 606 $aAssets (Accounting)$xPrices 606 $aMacroeconomics 606 $aMonetary policy 606 $aAsset prices$2imf 606 $aBalance of payments$2imf 606 $aCredit$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account balance$2imf 606 $aDeflation$2imf 606 $aExports and Imports$2imf 606 $aHousing prices$2imf 606 $aHousing Supply and Markets$2imf 606 $aHousing$2imf 606 $aInflation$2imf 606 $aInternational economics$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aProperty & real estate$2imf 606 $aReal Estate$2imf 606 $aShort-term Capital Movements$2imf 607 $aJapan$2imf 615 0$aAssets (Accounting)$xPrices. 615 0$aMacroeconomics. 615 0$aMonetary policy. 615 7$aAsset prices 615 7$aBalance of payments 615 7$aCredit 615 7$aCurrent Account Adjustment 615 7$aCurrent account balance 615 7$aDeflation 615 7$aExports and Imports 615 7$aHousing prices 615 7$aHousing Supply and Markets 615 7$aHousing 615 7$aInflation 615 7$aInternational economics 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aPrice Level 615 7$aPrices 615 7$aProperty & real estate 615 7$aReal Estate 615 7$aShort-term Capital Movements 676 $a339.53091724 700 $aScott$b Alasdair$01815607 701 $aKannan$b Prakash$01800219 701 $aRabanal$b Pau$01815608 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910962131603321 996 $aMacroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts$94372530 997 $aUNINA LEADER 00867nam0-2200289 --450 001 9910997495503321 005 20250505122331.0 010 $a8439833164 100 $a20250505d198.----kmuy0itay5050 ba 101 0 $aeng 102 $aES 105 $a 001yy 200 1 $aYoung Spanish architecture$f[a cura di] Alberto Campo Baeza, Charles Poisay$gintroduction Kenneth Frampton 210 $aMadrid$cARK Architectural Publications$d[198.] 215 $a205 p.$cill.$d25 cm 225 1 $aArk Monograph 610 0 $aArchitettura$aSpagna$aSec. 20. 702 1$aFrampton,$bKenneth 702 1$aCampo Baeza,$bAlberto 702 1$aPoisay,$bCharles 801 0$aIT$bUNINA$gREICAT$2UNIMARC 901 $aBK 912 $a9910997495503321 952 $a12.2123$b70/25$fDARST 959 $aDARST 996 $aYoung Spanish architecture$94374299 997 $aUNINA