I have looked at these in some detail in an earlier paper (Grenville 1996), so I will be brief here. The classical dichotomy between prices and activity reminds central bankers of their long-term priorities, but even though the long-run Phillips curve may be vertical, the short-run curves are certainly not. The Tinbergen proposition is superficially attractive, but not much help in practical decision-making.
On the liability side of the balance sheet, despite the significant increase in debt encouraged by higher asset values, lower interest rates have facilitated a restructuring of existing debt.