When it comes to central banking more generally, I doubt that there is any particular monetary policy framework that is suitable for all countries for all times.
Recessions that coincide with housing busts are, on average, longer and more pronounced than others.16 The macroeconomic effects of the bursting of a bubble are studied in Claessens et al. (2008b).17 They find that the prolonged nature of house price declines following busts has a significant impact on a range of real economy indicators (Figure 6).