{"id":2549,"date":"2011-12-06T00:44:14","date_gmt":"2011-12-06T05:44:14","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2549"},"modified":"2011-12-06T00:44:14","modified_gmt":"2011-12-06T05:44:14","slug":"asset-prices-financial-and-monetary-stability","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/asset-prices-financial-and-monetary-stability\/","title":{"rendered":"Asset prices, financial and monetary stability"},"content":{"rendered":"

If financial imbalances can build up in an environment of low inflation it stands to reason that a monetary policy reaction function that does not respond to these imbalances when they occur can unwittingly accommodate an unsustainable and disruptive boom in the real economy. The result need not take the form of inflation, although latent inflationary pressures would normally exist. Rather, it would be a contraction in economic activity, possibly accompanied by outright deflation, amplified by widespread financial strains. Accordingly, one could argue that the more serious \u201cbubble\u201d was in the real economy itself.<\/p>\n

In this scenario, the consequences of failing to act early enough can be serious. If the contraction in economic activity is deep enough and prices actually decline, they can cripple the effectiveness of monetary policy tools and undermine the credibility of institutions. The Japanese experience is very instructive here. Moreover, reaction functions that are seen to imply asymmetric responses, lowering rates or providing ample liquidity when problems materialise but not raising rates as imbalances build up, can be rather insidious in the longer run. They promote a form of moral hazard that can sow the seeds of instability and of costly fluctuations in the real economy.<\/p>\n

This paradigm sees the financial imbalances as contributing to, but, more importantly, as signaling distortions in the real economy that will at some point have to be unwound. In other words, the behaviour of prices of goods and services is not a sufficient statistic for those distortions. This runs contrary to the standard macroeconomic models used nowadays.<\/p>\n

Asset prices, financial and monetary stability: exploring the nexus<\/a>
\nby Claudio Borio and Philip Lowe
\nJuly 2002<\/p>\n

Colin Twiggs: ~ Extract from BIS Working Paper No.114, co-authored in 2002 by Dr Philip Lowe, who has been appointed as the new RBA deputy governor. Looks like a good choice.<\/p>\n","protected":false},"excerpt":{"rendered":"

If financial imbalances can build up in an environment of low inflation it stands to reason that a monetary policy reaction function that does not respond to these imbalances when they occur can unwittingly accommodate an unsustainable and disruptive boom in the real economy. The result need not take the form of inflation, although latent … <\/p>\n

Continue reading “Asset prices, financial and monetary stability”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,49],"tags":[243,959,1736,2346,2661],"class_list":["post-2549","post","type-post","status-publish","format-standard","hentry","category-debt-levels","category-economic-theory","tag-asset-prices","tag-debt-bubble","tag-housing-bubble","tag-monetary-policy","tag-philip-lowe"],"yoast_head":"\nAsset prices, financial and monetary stability - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset prices, financial and monetary stability - the patient investor\" \/>\n<meta property=\"og:description\" content=\"If financial imbalances can build up in an environment of low inflation it stands to reason that a monetary policy reaction function that does not respond to these imbalances when they occur can unwittingly accommodate an unsustainable and disruptive boom in the real economy. 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The large divergence on 13-week Twiggs Money Flow continues to warn of selling pressure. * Target calculation: 4000 - ( 5000 - 4000 ) = 3000 Japan's Lost Decade From Wikipedia: The Japanese asset\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Shanghai Composite Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-28-ssec.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-28-ssec.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-28-ssec.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":7527,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/22\/fed-watch-monetary-policy-and-financial-stability\/","url_meta":{"origin":2549,"position":1},"title":"Fed Watch: Monetary Policy and Financial Stability","author":"ColinTwiggs","date":"April 22, 2013","format":false,"excerpt":"Tim Duty quotes Minneapolis Federal Reserve President Narayana Kocherlakota, speaking at the 22nd Annual Hyman P. Minsky conference: ....unusually low real interest rates should be expected to be linked with inflated asset prices, high asset return volatility and heightened merger activity. All of these financial market outcomes are often interpreted\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23187,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/12\/a-stock-market-bubble-of-epic-proportions\/","url_meta":{"origin":2549,"position":2},"title":"A stock market bubble of epic proportions","author":"Colin Twiggs","date":"December 12, 2020","format":false,"excerpt":"A great deal has been written in recent years about real estate bubbles, stock market bubbles and even bond market bubbles. But there is really only one kind of bubble \u2014 that is a debt bubble. Without low interest rates fueling rapid debt growth, any form of bubble would wither\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6187,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/16\/fed-monetary-policy\/","url_meta":{"origin":2549,"position":3},"title":"Fed monetary policy","author":"Colin Twiggs","date":"November 16, 2012","format":false,"excerpt":"I read this excerpt from a speech by Ben Bernanke in September (courtesy of Cullen Roche): The tools we have involve effecting financial asset prices. Those are the tools of monetary policy. There are a number of different channels. Mortgage rates, other interest rates, corporate bond rates. Also the prices\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63464,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/01\/11\/us-labor-market-and-cyclical-sectors-warn-of-a-contraction\/","url_meta":{"origin":2549,"position":4},"title":"US Labor Market and Cyclical Sectors Warn of a Contraction","author":"Colin Twiggs","date":"January 11, 2026","format":false,"excerpt":"Key Points The US economy added 50,000 jobs in December, but employment in cyclical sectors is contracting, indicating a slowing economy. Declining cyclical indicators for housing, manufacturing, and transportation, and a declining Coincident Economic Activity Index, also warn of an economic slowdown. Average hourly earnings are growing at an annual\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Employment Growth","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-01-10-jobs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-01-10-jobs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-01-10-jobs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13713,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/11\/06\/is-the-market-in-a-bubble\/","url_meta":{"origin":2549,"position":5},"title":"Is the market in a bubble?","author":"ColinTwiggs","date":"November 6, 2013","format":false,"excerpt":"As global growth recovers we expect equity markets to be buoyed by improvements in both earnings and dividends, with strong momentum over the quarter. There is much discussion in the media as to whether various markets are in a \"bubble\". Little attention is devoted to the fact that bubbles can\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"US Household Debt","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-18-us-excsresns.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-18-us-excsresns.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-18-us-excsresns.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2549"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2549\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}