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Economic Commentary

Too Much Risk?

Are asset prices climbing too far too fast? Do they signal the approach of an unsustainable boom that the FOMC should step in and stop before it gathers speed? Bubbles are notoriously hard to spot beforehand, and even if we were better at it, no one is sure what the best monetary policy response would be.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Haubrich, Joseph G., and Ben R. Craig. 2005. “Too Much Risk?” Federal Reserve Bank of Cleveland, Economic Commentary 3/15/2005.