The article explores whether Japan's economic bubble in the 1980s was caused by monetary easing. It suggests that the bubble was likely to happen regardless of monetary policy. The recession that followed was mild, but policy mistakes turned it into a prolonged stagnation. Comparing the US and Japan's responses to similar bubbles, the study found that a bubble itself is not enough to disrupt the economy. Central bankers should focus on assessing potential growth and easing rapidly during asset price declines, rather than targeting asset prices or bursting bubbles.