The plausible outcomes range from the gradual and benign to the more precipitous and damaging.

The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting.

Monetary policy itself cannot sensibly be directed at reducing imbalances.

The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.

In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems

The plausible outcomes range from the gradual and benign to the more precipitous and damaging.