I recognise that low interest rates are one of the factors contributing to higher housing prices and that high and rising housing prices raise concerns for many people. There are various tools, other than higher interest rates, to address these concerns, leaving monetary policy to maintain its strong focus on the recovery in the economy, jobs and wages.
8 / 11  BIS central bankers' speeches  Gordon, R. J. (2016). The rise and fall of American growth: The US standard of living since the civil war. Princeton University Press. Graham, J., & Steenkamp, D. (2012). Extending the Reserve Bank’s macroeconomic balance model of the exchange rate Reserve Bank of New Zealand Analytical Note AN2012/08. Reserve Bank of New Zealand.