Accordingly, I would like to highlight some aspects of the link between monetary conditions and asset prices and point to areas in which the policy community could use further insight from researchers, including perhaps from this distinguished group.
I should note, my comments this evening reflect only my views and should not be taken to represent the views of my colleagues on the Board of Governors or in the Federal Reserve System. Interaction of asset prices and policy Asset price movements that are discontinuous or extreme can affect the policy process in at least two important ways.