However, given the difficulty in distinguishing between changes in asset prices dominated by fundamental forces and those driven by non-fundamental forces, policymakers should not target asset prices or try to guide them to the policymakers’ estimate of fundamental value.
Globally, efforts by governments have stemmed the crisis and the green shoots of recovery are beginning to sprout. 3. Ladies and Gentlemen: On the monetary policy front, the Central Bank conducted a procyclical monetary policy in the year with a view to stimulating private sector credit and economic growth.