Asset price bubbles: What are the causes, consequences, and public policy options?

The Chicago Fed, led by Charles Evans, is probably the most dovish of the 12 regional Fed branches.  In other words, not only does Evans want QE, he wants much more of it.  Here is their latest full write up on asset bubbles, and I included an excerpt from their summary.

http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cflnovember2012_304.pdf

"We still do not have a good definition of an asset bubble; and we still do not know how to identify them, what causes them to grow or burst, or what their welfare implications are."

 WTF?  They don't know how to identify an asset bubble--yet, they insist perpetual printing money will solve it?  Did it occur to them that endless printing of more dollars CAUSES asset bubbles to form in the first place?  Apparently, a PhD in Economics from the University of Chicago causes brain paralysis.