Why are central banks finding their job so hard to do? A common view is that this is because they are imbeciles. People who assert this insist that central banks need to keep interest rates in line with their historic norms. This is wrong, because historic norms are irrelevant. The questions are why and what this implies for our economies.
為什么現(xiàn)在央行的工作如此難做？人們普遍認(rèn)為這是因?yàn)檠胄袩o(wú)能。持這種觀點(diǎn)的人堅(jiān)持認(rèn)為，央行需要讓利率合乎歷史常態(tài)。這是錯(cuò)誤的，因?yàn)闅v史常態(tài)無(wú)關(guān)緊要。問(wèn)題在于，為什么會(huì)出現(xiàn)現(xiàn)在的情況？這對(duì)我們的經(jīng)濟(jì)意味著什么？
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