5  L. von Mises (1996), Human Action, 4th revised edition, Fox & Wilkes, San Francisco, p. 576. 6  J. Taylor (2007), “Housing and Monetary Policy”, paper presented at the 2007 Jackson Hole Conference. BIS Review 126/2009  3  association between the stance of monetary policy and house price increases. 7 The final judgement is still pending.
2.2  Readiness to act may prove insufficient  The second risk associated with the pre-crisis consensus view is that, even when a central bank is ready and willing to act swiftly, this may prove to be insufficient.