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Should central banks target stock prices?
9/29/2008
Author : Centre for European Policy Studies (CEPS - Belgium)
Paul De Grauwe, September 2008
 
This paper, which draws on a longer, more analytical Working Document by the same author (No. 304/September 2008), explores the question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring. It analyses how ‘leaning against the wind’ strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. Its finds, however, that a critical element in the success in such a strategy is the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.

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65 COMMENT(S)
  • Re:Should central banks target stock prices?

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By adword smith on 7/20/2010 16:55
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Thanks for the nice post.Its long time since I read a useful post like this.I'll bookmark it and read again.

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By Sitecb Infos on 7/23/2010 15:20
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  • Re:Should central banks target stock prices?

Yes , I,m confident that the central bank control the stock prices .
Because when the economy of the all private banks goes down central bank resolve the problems so nicely and brings them out from the economy crisis.
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By Nena Willson on 7/24/2010 14:11
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  • Re:Should central banks target stock prices?

I really like reading articles when Paul De Grauwe is involved. He is very professional and educated person. His research interests are international monetary relations, monetary integration, foreign-exchange markets, and open-economy macroeconomics. I also read his two book “The Economics of Monetary Union”, Oxford, International Money and it's well informative.

By John Davis on 7/24/2010 21:30
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  • Re:Should central banks target stock prices?

I really like reading articles when Paul De Grauwe is involved. He is very professional and educated person. His research interests are international monetary relations, monetary integration, foreign-exchange markets, and open-economy macroeconomics. I also read his two book “The Economics of Monetary Union”, Oxford, International Money and it's well informative. iroyalty free music

By John Davis on 7/24/2010 21:32
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  • Re:Should central banks target stock prices?

Well what do I know since I am just a musician making a simple living providing instrumental music. But in my humble opinion, ethical manipulation in my opinion is still manipulation. I am against jacking up inorganically stock prices cause once the manipulation can no longer be sustained, prices are going to fall and come crashing down which can cause a catastrophic effect worldwide since we are living a global economy. Brilliant paper nevertheless.

By on 7/25/2010 03:19
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  • Re:Should central banks target stock prices?

Central banks should not invest all money in stock market but up to some percentage they can do.It will be less risky and chance of growth.
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By Ashutosh Pandey on 7/27/2010 10:41
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By Tom Dawkins on 7/27/2010 16:43
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  • Re:Should central banks target stock prices?

I think the central bank should maintained the stock prices . Because the lot of shares that banks contains which can be sell at any instant of time to hold the stock market.
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By micheal clarke on 7/28/2010 08:19
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  • Re:Should central banks target stock prices?

I definitely do not think that the central banks should target stock prices.
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By Anna H. on 7/29/2010 19:29
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  • Re:Should central banks target stock prices?

In stock market there can be boom as well as depression period so looking after those conditions central banks should target stock market.
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By sandhya goyal on 7/30/2010 09:58
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  • Re:Should central banks target stock prices?

This is a great article. I think that the author was well informed and did great research. Thank you for the quality of this artilce.
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By Carletta Mapua on 7/31/2010 05:03
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  • Re:Should central banks target stock prices?

The article is very good. She does not lose its relevance in 2-3 years. But the Federal Reserve System operates only in their interests. Berna from mahjong association.

By Berna Olson on 7/31/2010 12:36
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  • Re:Should central banks target stock prices?

Bank should target on stock prices because now a days economy highly depend on stock price that company.
And to extract money from market,stock work as an efficient tool.In present situation bank should invest thier some part of capital money in stock market,which eases their growth.
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By Ashutosh Pandey on 7/31/2010 17:15
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  • Re:Should central banks target stock prices?

Bank should target on stock prices because now a days economy highly depend on stock price that company.
And to extract money from market,stock work as an efficient tool.In present situation bank should invest their some part of capital money in stock market,which eases their growth.
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By Ashutosh Pandey on 7/31/2010 17:16
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  • Re:Should central banks target stock prices?

Stock market is a field where we can receive either profits or gains. Central bank is apex institutions so before investing in stock market they must find out the complete information of to avoid any inconvenience.
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By sandhya goyal on 8/1/2010 21:24
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  • Re:Should central banks target stock prices?

I think they should educate themselves in the markets and make any profitable investments if they can. Why wouldnt they? They want to grow as a business, They should only be able to do this with very small amounts of money.

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By Claudia Mayer on 8/2/2010 03:38
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  • Re:Should central banks target stock prices?

This is great information and I would definitely like to read more about this and get this article.
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By Nohemi Krug on 8/3/2010 05:38
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  • Re:Should central banks target stock prices?

Paul De Grauwe is Professor of international economics at the University of Leuven, Belgium, having also been a visiting scholar at the IMF, the Board of Governors of the Federal Reserve, and the Bank of Japan. He is a member of the Group of Economic Policy Analysis, advising the EU Commission President Manuel Barroso, and was a member of the Belgian parliament from 1991 to 2003. His research interests are international monetary relations, monetary integration, foreign-exchange markets, and open-economy macroeconomics. His books include “The Economics of Monetary Union”, Oxford, International Money. Post-war Trends and Theories”, Oxford, and “The exchange rate in a behavioural finance framework”, Princeton.By the way if you have need any helps of seo expert UK for solving seo problem then you may contact at Bidyut Bikash Dhar who also offers Link Building Consulting Services in London, UK. If you are searching keywords like SEO consultant UK, SEO expert UK, Link building UK, Local SEO UK, UK SEO, SEO UK, London SEO, SEO London, SEO company London, SEO consultant London, SEO agency London, web London, UK consultant, UK SEO consultant, SEO services London, SEO services UK, SEO Consulting then call us now at +44.2032866561.But executive staffing can be a lead source for good number of executive jobs. And finding a company that can successfully places people with your kind of skills will be key to success. Basically what kind of position they fill or what types of openings they have can give one an idea of whether it’s worth your time to apply. google adwords is basically Google which allows targeting 10 million people within 10 minutes so how much more impressive a form of advertising can there be. However, success for any business depends on the proper advertisement of a campaign.

By Maria Robert on 8/3/2010 14:57
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By Sania Mirza on 8/3/2010 15:33
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  • Re:Should central banks target stock prices?

I think banks main goal should be to make their clients as much money as possible for their investment. Its that simple. They are there to put money in out pockets.

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By Hailey Reed on 8/4/2010 22:33
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  • Re:Should central banks target stock prices?

Central banks are the apex institution of inflationary and deflationary money value. It is a very strong decision whether to enter stock market or not.


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By yogesh goyal on 8/5/2010 19:56
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  • Re:Should central banks target stock prices?

Banks should not do this at all. I am not sure what they are thinking when they do this. This needs to be fixed in the future. watch online free movies

By james lee on 8/7/2010 20:47
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  • Re:Should central banks target stock prices?

Very valid points and I agree with most of what you say! Will be checking this blog out alot more in the future! Thanks for sharing!

By Jessica Bridge on 8/9/2010 15:41
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By Jessica Bridge on 8/9/2010 15:43
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  • Re:Should central banks target stock prices?

Great studies.Thx for the nice info.
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By maya king on 8/10/2010 20:01
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  • Re:Should central banks target stock prices?

Target stock prices - are you kidding me?!
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By Susanne B. on 8/11/2010 22:08
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  • Re:Should central banks target stock prices?

Maybe we should target central banks instead of the other way around? Just a thought. Everybody should invest in hearing aids to add to their portfolio.

By Tyler Stevens on 8/16/2010 20:55
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  • Re:Should central banks target stock prices?

i don't really trust anything the central bank does...so, no!

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By Jason Anderson on 8/16/2010 22:20
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  • Re:Should central banks target stock prices?

There should be no opposition to stock volatility, and if there are resources such as this, they should be used with great care to prevent abuse in world markets. Lapel Pins - Challenge Coins - Trading Pins

By Jeremy Adams on 8/16/2010 22:30
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  • Re:Should central banks target stock prices?

not sure about targeting stock but they should regulate it. so much scam going on with stock market and so many fly by companies ripping people off and running away with pump and dump crap. Best Article Submission

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  • Re:Should central banks target stock prices?

Took me awhile to read all the comments, but I really love the article. It proved to be very helpful to me and I am sure to all the commenters here! It's always nice when you can not only be informed, but also engaged! I'm sure you had fun writing this article. dissertation writing - term papers

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By CandyJou CandyJou on 8/17/2010 13:44
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  • Re:Should central banks target stock prices?

It is absolutely true that the banks' first duty is to increase the wealth of the shareholders. However, they often go overboard and become greedy, fomenting crises like the financial one we are just emerging out of. You should see the kind of profits bank in a poor country like Kenyaare reporting. It is simply obscene.

By chris mon on 8/17/2010 18:45
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Great post, thanks for sharing!

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By Brad Rreef on 8/17/2010 19:12
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  • Re:Should central banks target stock prices?

It is a good decision to let central bank to exercise control over stock prices, however with the needed discretion. This would definitely be a way to handle the economy fluctuations and would definitely give the private banks a head when in case of emergencies!

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By PamPom PamPom on 8/18/2010 14:01
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By SwanollWu SwanollWu on 8/18/2010 14:24
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  • Re:Should central banks target stock prices?

I'm not so sure the central banks should do much with stock profits other than reinvest a VERY small portion of their finances --> look at what has happened over the past few years.


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By john ericson on 8/18/2010 21:29
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  • Re:Should central banks target stock prices?

Central banks are the banks on which our country as well as our society depends as it controls the money value. So whether to invest in stock market or not it is a very hard decision to be taken carefully.
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By sandhya goyal on 8/18/2010 22:44
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By Andrea14 Andrea14 on 8/19/2010 04:03
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  • Re:Should central banks target stock prices?

We from website-x will present the arguments in favor of the view that monetary policy should react to asset prices and asset bubbles. :)

By Robin Assie on 8/19/2010 12:53
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  • Re:Should central banks target stock prices?

Despite his political career, De Grauwe not in a political box to accommodate. Known as a liberal supporter of market economy and globalization, he hesitates not to attack the liberals to argue against the position of generalized wage, or the responsibility to interpret the recent credit crisis. If you have need any helps of seo services then you may contact at a good seo services for promote you business . We always helps you. You can use our seo services offers to rank your website into top 3 positions on Google , Yahoo , MSN and other search engines .

By Rani Alizabed on 8/19/2010 15:37
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  • Re:Should central banks target stock prices?

Indeed banks should do that.
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By Rimco Assie on 8/19/2010 18:34
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  • Re:Should central banks target stock prices?

I think that 'leaning against the wind’ strategies will in fact reduce the volatility of stock prices. I'm all for it. Nic -
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By alby mangels on 8/23/2010 14:21
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  • Re:Should central banks target stock prices?

I believe the banks and government get out of the stock market. With the government injecting it's solutions and the banks we will have no idea what is real data. Then one day it will all crash because it was inflated by these two groups. Muscle Cars

By Graham Morgan on 8/24/2010 00:38
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  • Re:Should central banks target stock prices?

This paper, which draws on a longer, more analytical Working Document by the same author (No. 304/September 2008), explores the question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring. It analyses how ‘leaning against the wind’ strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. Its finds, however, that a critical element in the success in such a strategy is the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.Buy Facebook Fans,Guaranteed Facebook Fans,Facebook Fans

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By Jibran Ayub on 8/25/2010 09:52
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  • Re:Should central banks target stock prices?

For the development of the country central bank can target stock market but looking upon the market situations.

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By sandhya goyal on 8/25/2010 20:12
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It is the heart of our country. So any harm to it means harm to the country both financially as well as mentally.

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By JeremyNath JeremyNath on 8/28/2010 08:42
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The link is gone, but you can read a lot about it on ceps.eu (just look up Paul De Grauwe). Boring, yet informative!
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I think the central bank should diversify their investment so it is not so risky.
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By duke ta on 8/30/2010 12:51
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Indeed they should.

That's the only solution to this problem:

Read this: as the central bank stocks the prices all parties benefit !

Now you know.

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Jordan Center for Public Policy Research and Dialogue (JCPPRD) 
Atlantic Community (Germany – United States)
 
Swedish Institute for European Policy Studies (SIEPS)   Palestinian Academic Society for the Study of International Affairs (PASSIA - Israel) 
Lebanese Center for Policy Studies (LCPS) 
Institut Européen des Relations Internationales (IERI - Belgium)
 
Centre for the Study of Wider Europe, National University of Ireland, Maynooth (NUIM)   Comenius University (Slovakia) 

The Summer 2010 issue of Europe's World looks at a number of policy areas where that lesson must be borne firmly in mind by today's decisionmakers. The global economic recession has laid bare a range of issues that need to be addressed very promptly before they develop further and become difficulties of a very different magnitude. It has also accentuated long-term trends to which Europe has so far failed to respond.

We feel it's fair to say that few if any publications in the field of international relations and policy debate have grown as fast or widened their scope so remarkably as Europe's World. Our 120,000 readers worldwide are drawn from politics, government, business, the media, universities and NGOs.

 
IS THE WELFARE STATE
A LUXURY THAT EUROPEAN COUNTRIES CAN NO LONGER AFFORD?
 

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