4  As I described in an earlier speech (Mishkin, 2007a), this figure is sensitive to a variety of assumptions, so one should not overstate its precision. Note that expectations for CPI inflation must be adjusted to convert them from a CPI basis to a PCE basis. 6  BIS Review 26/2008  References Bernanke, Ben S., and Mark Gertler (1995).
"Inside the Black Box: The Credit Channel of Monetary Policy Transmission", Journal of Economic Perspectives, vol. 9 (Autumn), pp. 27-48. Case, Karl E., and Robert J. Shiller (2003). "Is There a Bubble in the Housing Market?" Brookings Papers on Economic Activity, vol. 2003 (no. 2), pp. 299-362. Federal Open Market Committee (2008).