Nevertheless the on-going debate is not anymore about “pricking bubbles” but concerns the inclusion of financial conditions in the optimal monetary rules as in the models developed by Christiano, Motto, Rostagno (2009),  14  See Brunnermeier, M. and N. Sannikov (2012), “A macroeconomic model with a financial sector”, Working paper. 15  See Adrian, T. and H.S.
Shin (2010), “Financial intermediaries and monetary economics”, in B. Friedman and M. Woodford (eds. ), Handbook of Monetary Economics, Edition 1, Volume 3, October. ; Maddaloni, A. and Peydro, J.-L. (2010), “Bank risk-taking, securitization, supervision and low interest rates: evidence from US and Euro area lending standards”, Review of Financial Studies, http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1248.pdf; Jimenez, G., Ongena, S., Peydro, J.-L. and Saurina, J.