It is not enough, for instance, to focus on dampening households’ demand for housing. If the reprogramming of the system is to succeed, we will also need reforms that increase housing construction. References Bank of Canada (2013), Bank of Canada maintains overnight target rate at 1 per cent. Press release, 23 October 2013. Bech, Morten L., Gambacorta, Leonardo and Kharroubi, Enisse (2012), Monetary policy in a downturn: Are financial crises special? BIS Working Papers No. 388. Blanchard, Olivier, Dell’Ariccia, Giovanni and Mauro, Paolo (2013), Rethinking Macro Policy II: Getting Granular. IMF Staff Discussion Note 13/03, International Monetary Fund. Bordo, Michael D. and Landon-Lane, John (2013), Does Expansionary Monetary Policy Cause Asset Price Booms? NBER Working Paper No. 19585. Borio, Claudio (2013), Central-Banking Post Crisis: What Compass for Uncharted Waters? – Postscript. Mimeo. Under publication in Goodhart, Charles, Gabor, Daniela, Ertürk, Ismail and Vestergaard, Jakob (eds. ), Central Banking at a Crossroads: Europe and Beyond, Anthem Press, London. Carney, Mark (2013), Monetary Policy After the Fall. Speech at the University of Alberta 1 May 2013. Bank of Canada. Chakraborty, Indraneel, Goldstein, Itay and MacKinlay, Andrew (2013), Do Asset Price Bubbles have Negative Real Effects? University of Pennsylvania Working Paper. Dagens Industri (2013), Bostadskrisen kräver flera lösningar. (Housing crisis requires several solutions.) Editorial, 1 November. Dynan, Karen (2012), Is a Household Debt Overhang Holding Back Consumption? Brookings Papers on Economic Activity, Spring 2012. ESRB (2013), Recommendation of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1).
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