Mark Carney Andrew Parsons/ZumaPress

中央银行机密

伦敦—1993年,经济学家阿尔贝托·阿莱西纳(Alberto Alesina)和拉里·萨默斯(Larry Summers)发表了一篇开创性论文,论文指出,央行独立让通胀得以控制,并且对经济表现没有消极影响。自此以后,全球各国纷纷让央行独立。没有一个国家反其道而行之,而只要有政府表现出重新用政治控制利率的意图,比如最近的印度,就会引起金融市场的警报和经济学家的愤怒。

但是,事实上,独立有许多种程度,并且并非所有名义独立的央行都以相同的方式运行。一些货币当局,比如欧洲央行,制定它们自己的目标。另一些,比如英格兰银行,拥有完全的工具独立性——控制短期利率,但需要满足政府制定的通胀目标。

在如何组织央行以实现这些目标方面也存在不同。在新西兰,央行行长是唯一的决策者。在美联储,决策由联邦公开市场委员会(FOMC)做出,而FOMC成员——由七位理事和五位美联储地区储备银行行长组成——的独立程度各不相同。

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