50% of the time, all the time.
"This paper has argued that financial imbalances can build up in low inflation environments and that in some cases it is appropriate for policy to respond to these imbalances" - Borio and Lowe 2003.
Wonder if he feels the same now?
https://www.researchgate.net/profile/Marvin-Goodfriend/publication/240054642_Interest_Rate_Policy_Should_Not_React_Directly_to_Asset_Prices/links/5413808c0cf2fa878ad3dc23/Interest-Rate-Policy-Should-Not-React-Directly-to-Asset-Prices.pdf#page=274
"This paper has argued that financial imbalances can build up in low inflation environments and that in some cases it is appropriate for policy to respond to these imbalances" - Borio and Lowe 2003.
Wonder if he feels the same now?
https://www.researchgate.net/profile/Marvin-Goodfriend/publication/240054642_Interest_Rate_Policy_Should_Not_React_Directly_to_Asset_Prices/links/5413808c0cf2fa878ad3dc23/Interest-Rate-Policy-Should-Not-React-Directly-to-Asset-Prices.pdf#page=274