The Bank for International Settlements has released a working paper which suggests that central banks should deviate from their inflation targets during times of crisis. The authors argue that inflation-targeting central banks should recalibrate their monetary policy tools to stimulate the operation of financial markets at the cost of higher inflation rates in the short-term.  This is especially relevant to the Asia-Pacific, where negative asset price bubbles appeared during the GFC.  Tail risk in this region is significant and an overshoot of inflation should be expected as part of an optimal monetary policy response.