The conventional wisdom says to avoid collateral damage from raising rates as the bubble inflates, but be prepared to deal with the effects of popping. Absent a proper regulatory response, authorities should probably consider an alternative weighing of the risks — raise rates as the bubble inflates, and be prepared to deal with the collateral damage after the bubble expires. While the benefits of raising rates remain poorly understood, we now know that how best to deal with the effects of popping is poorly understood as well.
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