摘要
在2007～2009年国际金融危机爆发之前,美国的中央银行家相信资本市场是有效的,对及时地识别泡沫没有信心,认为中央银行实施紧缩性的货币政策未必能有效抑制投机活动,而逆风向调节资产价格泡沫会严重损害实体经济。因此,他们支持采取传统战略的货币政策。2007年国际金融危机爆发至今,美国的中央银行家对如何干预资产价格波动进行了深刻的反思,对市场的有效性有所质疑,修正了以前的结论,认为中央银行可以识别有些资产价格泡沫。资产价格崩溃的后果非常严重,中央银行需要加强金融监管以抑制资产价格泡沫。
Before the 2007~2009 financial crisis,central bankers of FRB believed that capital markets are effective,so they could not identify the asset price bubble timely.They regard that tightening monetary policy may not curb speculation effectively and taking leaning-against-the-wind action would seriously damage the real economy.Since the breakout of the financial crisis in 2007,central bankers of FRB have reflected on how to intervene in asset price volatility and questioned on the efficient market hypothesis.They revise the previous analysis and believe that the central bank can identify some asset price bubbles.
出处
《金融评论》
2011年第4期28-36,123-124,共9页
Chinese Review of Financial Studies
