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1、FinanceandEconomicsDiscussionSeriesDivisionsofResearch&StatisticsandMonetaryAffairsFederalReserveBoard,Washington,D.C.MonetaryPolicyandtheHousingBubbleJaneDokko,BrianDoyle,MichaelT.Kiley,JinillKim,ShaneSherlund,JaeSim,andSkanderVandenHeuvel2009-49NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussi
2、onSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknow
3、ledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.MonetaryPolicyandtheHousingBubbleJaneDokko,BrianDoyle,MichaelKiley,JinillKim,ShaneSherlund,JaeSim,andSkanderVandenHeuvelDecember22,2009Correspondingauthor:MichaelKiley.Address:Mailstop61,FederalReserveBoard,Washingt
4、on,DC20551.Email:mkiley@frb.govAcknowledgments:WebenefitedgreatlyfromdiscussionsofrelatedissuesandcommentsonthisanalysisfrommanyofourcolleaguesattheFederalReserveBoard.Inaddition,thisresearchwasaidedbytheassistanceofTrevorDavis.Theviewsexpressedherearethoseoftheauthorsanddonotnecessarilyreflectthose
5、oftheBoardofGovernorsortheothermembersofitsstaff.iTableofContentsIntroduction.....................................................................................................................................1AReviewofMonetaryPolicyRulesfrom2003through2006..........................................
6、............4PolicyRulesbetween2003and2006.........................................................................................5WasMonetaryPolicyatForeignCentralBanks“TooLoose”RelativetoaTaylorRule?......10MacroeconomicPerformancefrom2003through2006andtheReal-TimePolicyDiscussion..11TheReal-Time
7、PolicyAssessmentandOutcomes...................................................................13OtherCritiquesofPolicy..................................................................................
