In terms of how central banks might keep a lid on property prices – presently a major source of value and profit in financialised economies – a paper released by the IPPR think tank in July 2018 is instructive. It argues that the necessary measures are relatively straightforward, with the Bank’s Financial Policy Committee best placed to set a target for house price inflation – similar to how the Monetary Policy Committee is presently tasked with consumer price inflation. Under such a target the Bank of England would aim to keep nominal house price inflation at zero while the UBS of housing was
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