It is not enough, for instance, to focus on dampening households’ demand for housing. If the reprogramming of the system is to succeed, we will also need reforms that increase housing construction. References Bank of Canada (2013), Bank of Canada maintains overnight target rate at 1 per cent. Press release, 23 October 2013. Bech, Morten L., Gambacorta, Leonardo and Kharroubi, Enisse (2012), Monetary policy in a downturn: Are financial crises special? BIS Working Papers No. 388. Blanchard, Olivier, Dell’Ariccia, Giovanni and Mauro, Paolo (2013), Rethinking Macro Policy II: Getting Granular. IMF Staff Discussion Note 13/03, International Monetary Fund. Bordo, Michael D. and Landon-Lane, John (2013), Does Expansionary Monetary Policy Cause Asset Price Booms? NBER Working Paper No. 19585. Borio, Claudio (2013), Central-Banking Post Crisis: What Compass for Uncharted Waters? – Postscript. Mimeo. Under publication in Goodhart, Charles, Gabor, Daniela, Ertürk, Ismail and Vestergaard, Jakob (eds. ), Central Banking at a Crossroads: Europe and Beyond, Anthem Press, London. Carney, Mark (2013), Monetary Policy After the Fall. Speech at the University of Alberta 1 May 2013. Bank of Canada. Chakraborty, Indraneel, Goldstein, Itay and MacKinlay, Andrew (2013), Do Asset Price Bubbles have Negative Real Effects? University of Pennsylvania Working Paper. Dagens Industri (2013), Bostadskrisen kräver flera lösningar. (Housing crisis requires several solutions.) Editorial, 1 November. Dynan, Karen (2012), Is a Household Debt Overhang Holding Back Consumption? Brookings Papers on Economic Activity, Spring 2012. ESRB (2013), Recommendation of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1).

International Journal of Central Banking 9(2), p. 121–169. Mian, Atif and Sufi, Amir (2011), Consumers and the Economy, Part II: Household Debt and the Weak U.S. Recovery. FRBSF Economic Letter, January 18. Federal Reserve Bank of San Francisco. Norges Bank (2013), Monetary Policy Report with financial stability assessment 3/13, September. Nyberg, Lars (2005), House price developments and monetary policy. Speech at Evli Bank, Stockholm, 19 December. Sveriges Riksbank. Nyberg, Lars (2011), Monetary policy and financial crises – some reflections. Speech at Danske Bank, Stockholm, 21 December. Sveriges Riksbank. Paciorek, Andrew (2013), Supply constraints and housing market dynamics. Journal of Urban Economics 77, pp. 11–26. Reserve Bank of New Zealand (2012), News release announcing 2012 Policy Targets Agreement, 20 September. SEB (2013), Allt fler tror på högre bostadspriser. (More people believe housing prices will rise.) Information to the media, 11 November. SKOP (2013), Hushållens förväntningar om bostadsmarknaden. (Households’ expectations regarding the housing market.) 7 November 2013, press release. Smets, Frank (2013), Financial Stability and Monetary Policy: How Closely interlinked? Sveriges Riksbank Economic Review 2013:3. Jubilee issue. Stein, Jeremy C. (2013), Overheating in Credit Markets: Origins, Measurement, and Policy Responses. Speech at “Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter”, research symposium sponsored by the Federal Reserve Bank of St. Louis, St. Louis, Missouri. Svensson, Lars E. O. (2013), Some Lessons from Six Years of Practical Inflation Targeting. Sveriges Riksbank Economic Review 2013:3. Jubilee issue. Swedbank (2013), Bostadsbristen kostar 21 miljarder per år. (Housing shortage costs SEK 21 billion a year.)