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.
When I spoke here last year I discussed how falling housing prices was one of the factors that had contributed to sluggish growth in 2019. The dynamics in the housing market now look to be in a different phase, with prices rising across most of the country recently (Graph 11).