Obviously, in memory of lessons from long ago, in order to avoid the depressive effects of the bursting of an asset bubble monetary policy must react swiftly to cut interest rates and expand liquidity.
Actually, the impact of asset prices on the spending and investment decisions of households and firms also depends on their relative indebtedness, and all the more so insofar as the latter depends on the collateral represented by their capital goods (for households, mostly residential property).