Financial crises can occur also in times of relative consumer price stability. However, they often undermine conditions for maintaining price stability. Therefore, a concept of price stability with a longer horizon is clearly associated to financial stability. The Japanese stock market and property price boom in the late 1980s is another vivid example of this.
The more moderate version of the orthodox view though has many supporters, especially among central bankers. It says that asset prices should be ignored beyond their impact on consumer price inflation via the regular transmission mechanism channel. The regular transmission mechanism would include wealth effects resulting from changes in asset prices.