{
  "title": "Asset Prices, Monetary Policy, and the Business Cycle",
  "publication": "IMF Policy Discussion Papers, March 1, 1994",
  "sourceUrl": "https://www.imf.org/en/publications/imf-policy-discussion-papers/issues/2016/12/30/asset-prices-monetary-policy-and-the-business-cycle-1505",
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  "summary": "The business cycle in several industrial countries during the period 1989-1993 was different from previous post World War II business cycles in important ways.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Title: Asset Prices, Monetary Policy, and the Business Cycle\n- Author: Garry J. Schinasi\n- Publication type: IMF Policy Discussion Papers (Paper on Policy Analysis and Assessment)\n- Date of issuance: March 1, 1994\n- Pages: 28\n- Series: Policy Discussion Paper No. 1994/006\n- Issue: 006\n- Volume: 1994\n- DOI: https://doi.org/10.5089/9781451971927.003\n- Stock No: PPIEA0061994\n- ISBN: 9781451971927\n- ISSN: 1564-5193"
    },
    {
      "heading": "Key findings and analysis",
      "content": "- The business cycle in several industrial countries during the period 1989-1993 was different from previous post World War II business cycles in important ways.\n- The paper describes the unique character of the 1989-1993 cycle and examines important underlying structural and macroeconomic factors that contributed to those differences.\n- Many structural changes were partly responsible for the overshooting of asset prices and private debt levels.\n- The paper emphasizes that the extreme overshooting of asset prices and private debt could not have occurred without overexpansionary monetary and fiscal policies.\n- The paper examines why inflationary pressures were allowed to accumulate during this episode."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- The paper discusses a number of lessons for conducting economic policy in the 1990s, drawing on the analysis of structural factors, asset-price overshooting, and policy-induced inflationary pressures.\n- As a Paper on Policy Analysis and Assessment, the author(s) welcome comments on the text and request that citations refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance."
    },
    {
      "heading": "Subject classification and keywords",
      "content": "- Subject: Asset prices, Business cycles, Economic growth, Financial markets, Inflation, Price adjustments, Prices, Securities markets\n- Keywords: asset, asset accumulation, asset market activity, Asset prices, asset-market information, bank assets, Business cycles, Global, Inflation, monetary policy, PDP, price, Price adjustments, price movement, real asset, Securities markets\n\nSource: IMF Policy Discussion Paper No. 1994/006, Garry J. Schinasi, March 1, 1994.\n\n---\n\n\nSource: https://www.imf.org/en/publications/imf-policy-discussion-papers/issues/2016/12/30/asset-prices-monetary-policy-and-the-business-cycle-1505"
    }
  ],
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    "Authors: Garry J. Schinasi",
    "Published: March 1, 1994",
    "Series: IMF Policy Discussion Papers",
    "DOI: https://doi.org/10.5089/9781451971927.003",
    "Title: Asset Prices, Monetary Policy, and the Business Cycle",
    "Author: Garry J. Schinasi",
    "Publication type: IMF Policy Discussion Papers (Paper on Policy Analysis and Assessment)",
    "Date of issuance: March 1, 1994",
    "Pages: 28",
    "Series: Policy Discussion Paper No. 1994/006",
    "Issue: 006",
    "Volume: 1994",
    "DOI: https://doi.org/10.5089/9781451971927.003",
    "Stock No: PPIEA0061994",
    "ISBN: 9781451971927",
    "ISSN: 1564-5193",
    "The business cycle in several industrial countries during the period 1989-1993 was different from previous post World War II business cycles in important ways.",
    "The paper describes the unique character of the 1989-1993 cycle and examines important underlying structural and macroeconomic factors that contributed to those differences.",
    "Many structural changes were partly responsible for the overshooting of asset prices and private debt levels.",
    "The paper emphasizes that the extreme overshooting of asset prices and private debt could not have occurred without overexpansionary monetary and fiscal policies.",
    "The paper examines why inflationary pressures were allowed to accumulate during this episode.",
    "The paper discusses a number of lessons for conducting economic policy in the 1990s, drawing on the analysis of structural factors, asset-price overshooting, and policy-induced inflationary pressures.",
    "As a Paper on Policy Analysis and Assessment, the author(s) welcome comments on the text and request that citations refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance.",
    "Subject: Asset prices, Business cycles, Economic growth, Financial markets, Inflation, Price adjustments, Prices, Securities markets",
    "Keywords: asset, asset accumulation, asset market activity, Asset prices, asset-market information, bank assets, Business cycles, Global, Inflation, monetary policy, PDP, price, Price adjustments, price movement, real asset, Securities markets"
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