摘要：When monetary historians look
back at this decade, they will
undoubtedly highlight the major
increases in house prices over
the early part of the decade and the sharp declines
of recent years as posing a major challenge for
monetary policy and central banking.
¡°House Prices and the Stance of Monetary
Policy¡± by Marek Jarocin¡äski and Frank Smets (JS)
is a valuable early contribution to the understanding
of this episode. It is extremely clear in spelling
out and accomplishing its two major objectives:
a retrospective econometric analysis of the role
of housing markets in recent developments and
a consideration of the potential role of house
prices in a monetary conditions index.
