Third, I am inclined to agree with recent work in the Bank of England that suggests that it is possible, at least in principle, to embed this discussion within a medium-term inflation targeting framework.
For inflation targeting countries, it would certainly be a retrograde step in my view to be perceived as walking away from a framework which has for a decade delivered good results, in favour of some explicit pursuit of asset prices per se. Fourthly, even if we do bring asset prices and debt within the existing framework, we have a difficult problem in practice.