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1、InternationalFinance9:1,2006:pp.87107DOI:10.1111/j.1468-2362.2006.00032.xCOMMENTARYWhyCentralBanksShouldBurstBubblesNourielRoubiniNewYorkUniversityandRoubiniGlobalEconomics.I.IntroductionShouldmonetarypolicyrespondtoassetpricesandassetbubbles?Thisissueishighlycontroversial,bothfroma
2、nacademicresearchpointofviewand,moreimportantly,fromapolicyperspective.Thereisbroadevidencethatassetbubblesdooccurfromtimetotime,andthatsuchbubblesmayleadtoeconomicdistortionsaswellasfinancialandrealeconomicinstability.Thus,manyauthorsarguethatoptimalmonetarypolicyrequiresmonetarypoli
3、cyauthoritiestoreacttosuchbubblesoverandabovetheeffectsthatsuchbubbleshaveoncurrentoutputgrowth,aggregatespendingandexpectedinflation.Othersareoftheviewthatmonetarypolicyshouldnotreacttoassetpricesorbubblesbeyondtheeffectthatsuchassetpricemovementsdirectlyhaveoninflation,aggregatespend
4、ingandeconomicgrowth.Inthispaper,Iwillpresenttheargumentsinfavouroftheviewthatmonetarypolicyshouldreacttoassetpricesandassetbubbles.Intheprocess,Iwillalsodiscussandrefutetheargumentsagainsttheuseofmonetarypolicytoaddressbubbles.IthankBradSetserforusefulcommentsandsuggestions.Theusua
5、ldisclaimerstrictlyapplies.r2006TheAuthor.Journalcompilationr2006BlackwellPublishingLtd.9600GarsingtonRoad,OxfordOX42DQ,UKand350MainStreet,Malden,MA02148,USA88NourielRoubiniThisisnotjustanacademicissue:twiceinthepasttenyearstheUSFederalReservehashadtodecidehowtorespondtosharprisesint
6、hepriceofkeyassets.ConsideringrecentUSeconomichistory,itisobvious,inhindsight,thatsomeofthesurgeinstockpricesinthemidtolate1990swasexcessive,andbeyondwhatwaswarrantedbyeconomicfundamentals.FederalReserveChairmanAlanGreenspanwarnedagainst‘irrationalexuberance’instockmarketsasearlyasth
7、efallof1996butthen,apartfromahalf-bakedattempttoincreasetheFedFundsrateby25basispointsinthespringof1997,theFeddidnotfurtherreacttothisassetbubble.Whileitwasnotcertainin1996thatsuchastockmarketbubblewasunderway,by1998–99theevidencewasquiteclearandoverwhelmingbuttheFedstillchosenottore
8、act.Similarl
