Central bank they deserve
Sir, In Stephen Cecchetti's view ("Bubbles and blind eyes", 9 May), central bankers have failed to take account of asset prices in formulating monetary policy. In particular, he cites spring 1997 as a time when the Federal Reserve should have raised interest rates in response to rising equity markets. Just a few months earlier, in December 1996, Alan Greenspan delivered his "irrational
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