• Michael D. Bordo


Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence. Michael D. Bordo, October 2013, Paper. "In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house, stock and commodity prices. We review the historical narratives on asset price booms and use a deterministic procedure to identify asset price booms for the countries in our sample..." Link verified March 28, 2014