7  See Bernanke, Ben S. (2004), The Logic of Monetary Policy, Speech before the National Economists Club, Washington, D.C., December 2, 2004. 2  BIS Review 41/2005  central bank has no output goal, it is likely to react to variations in the output gap as a possible determinant of future inflation. Moreover, “simple feedback policies” are not necessarily only backward-looking.
Although housing price is a sort of asset price, due to the fast flow of money between commodity market and capital market in modern era, central banks should keep an eye on housing price and capital movement. In recent years, real estate financial control measures have become an important part of macro adjustment policies.