01763cas a2200265 a 4500 AALejournalIMF006139 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873993 1018-5941 BD-DhAAL BD-DhAAL Scott, Alasdair. Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts / Alasdair Scott, Pau Rabanal, Prakash Kannan. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (39 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically rise, providing useful, if not perfect, leading indicators of asset price busts. These patterns could also be observed in the build-up to the current crisis. Monetary policy was not the main, systematic cause of the current crisis. But, with inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging busts. Mode of access: Internet Kannan, Prakash. Rabanal, Pau. IMF Working Papers; Working Paper ; No. 2009/252 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/252/001.2009.issue-252-en.xml IMF e-Library