RESERVE BANK OF AUSTRALIA 2003 CONFERENCE

Asset Prices and Monetary Policy

18–19 August 2003

A range of prominent academic, central-bank and other policy economists participated in the 2003 conference. Two papers for the conference were written by Bank economists: David Gruen (currently on secondment to the Australian Treasury), Michael Plumb and Andrew Stone co-authored one of these papers, while the other was prepared by John Simon. The five other papers were written by well-known international economists: Charles Bean from the Bank of England; Stephen Cecchetti from Brandeis University; Barry Eichengreen from University of California, Berkeley; Karl Case from Wellesley College; and Adam Posen from the Institute for International Economics. Discussants included economists and academics from Australia, the Bank for International Settlements and the United States, and the Deputy Governor of the Reserve Bank of Australia. A volume, containing the conference papers and discussion, was published on 21 November 2003.

Contents

• Table of Contents - 92K PDF
  
  
• Introduction - 91K PDF
  Anthony Richards
  
  
• Three Australian Asset-price Bubbles - 279K PDF
  John Simon
  
  
• Discussion - 108K PDF
  David Merrett
  
  
• Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough? - 234K PDF
  Charles Bean
  
  
• What the FOMC Says and Does When the Stock Market Booms - 204K PDF
  Stephen Cecchetti
  
  
• Discussion - 142K PDF
  Philip Lowe, Warwick McKibbin
  
  
• Stock Market Volatility and Monetary Policy: What the Historical Record Shows - 474K PDF
  Barry Eichengreen and Hui Tong
  
  
• Discussion - 113K PDF
  Robert McCauley
  
  
• Home-buyers, Housing and the Macroeconomy - 133K PDF
  Karl Case, John M Quigley and Robert J Shiller
  
  
• Discussion - 72K PDF
  Malcolm Edey
  
  
• Tulips from Amsterdam - 93K PDF
  Trevor Sykes
  
  
• It Takes More Than a Bubble to Become Japan - 346K PDF
  Adam Posen
  
  
• Discussion -132 K PDF
  Gordon de Brouwer
  
  
• How Should Monetary Policy Respond to Asset-price Bubbles? - 388K PDF
  David Gruen, Michael Plumb and Andrew Stone
  
  
• Discussion - 102K PDF
  David Stockton
  
  
• Round-table/Wrap-up Discussion - 112K PDF
  Jeffrey Carmichael, John Plender and Glenn Stevens

• Biographies of Contributors - 104K PDF

• List of Conference Participants - 54K PDF