Prior to the crisis, asset-price cycles were seen by many as basically harmless or, at least, as a relatively insignificant monetary-policy channel. Even when the frequent appearance of asset-price bubbles was acknowledged, most believed that efforts to detect and prick them at an early stage would be impossible – and potentially harmful.
这种回潮是源自于一种不断加深的认识，认为宏观经济管理和金融监管都必须考虑资产价格周期的因素。在危机之前，许多人都认为资产价格周期是一种基本无害，或者至少是相对较不显著的货币政策渠道。即便是在资产价格泡沫频繁出现的时候，大多人依然相信这些泡沫是不可能——甚至不应该——被提早发现并消除的。而一旦泡沫爆破，利率削减将是一个保护经济的安全之策。