This paper shows that asset (share price) inflation mostly responds to changes in monetary policy in the same direction as goods inflation. However, in certain important episodes, asset inflation booms while monetary policy is well controlled and goods inflation is low.Recognizing these 'aberrant episodes' has important implications for monetary policy, and explaining them satisfactorily provides a challenge for economic theory and macroeconomic analysis.We update and extend the analysis of Friedman and Schwartz, A Monetary History of the United States, 1867-1960. We add share prices to the measures of inflation used by Friedman and Schwartz, then we extend the period of analysis to 2012, using a version of their historical analysis and simple statistical tests.