"Fedspeak", at the meetings of the American Economic Association, San Diego, California, January 3, 2004. Bils, Mark and Peter Klenow (2004). "Some Evidence on the Importance of Sticky Prices", Journal of Political Economy, vol. 112 (October), pp. 847-85. Bullard, James, and Kaushik Mitra (2002). "Learning about Monetary Policy Rules", Journal of Monetary Economics, vol. 49(September), pp. 1105-29.
And of course if asset price inflation had been less, the over-investment in certain kinds of real estate would presumably have been less and, with it, the subsequent fall in asset prices.