Donald L Kohn: Comments on “Financial Regulation in a System Context”, “Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn”, and “The Central Role of House Prices in the Financial Crisis: How Will the Market Clear?” Speech by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the Brookings Panel on Economic Activity, Washington DC, 11 September 2008.
However, I noted in my earlier speech that the influence of interest rates on the speculative component of asset prices is unclear from both a theoretical and empirical standpoint.