The weight for asset prices could be extremely large if based on traditional expenditure shares. Using the relative usefulness to forecast CPI inflation the weight would be much smaller. The  19  Schwartz (1995). 20  E.g. Bordo and Wheelock (1998), Goodfriend (2000), Greenspan (2002). 21  Alchian and Klein, (1973). 22  Monthly Bulletin, April, 2005, see Box 4.
BIS Review 44/2005  5  methodological discussion has not yet converged. And finally, central banks’ lack sufficient control of asset prices. In the long run asset prices are driven by fundamental factors and not monetary policy.