Jeremy Stein Jeremy Stein/IMF Photo/Stephen Jaffe

最后学习者

奥斯陆—随着5月底杰里米·斯特恩(Jeremy Stein)回哈佛任教,美联储理事会也失去了支持货币政策应该遏制金融过度(financial excess)的观点的领军人物。

斯特恩的观点在今年春天早些时候的一次演讲中表露无遗,即在金融风险高企的环境中,央行不应该太积极地追求充分就业目标。他的立场与前美联储主席格林斯潘的教条针锋相对。格林斯潘认为中央银行不应该因为金融部门出现过剩而调整政策,而应该集中于对随后产生的任何问题做出反应。

问题在于斯特恩的新观点是否能够得到论证。理论上,答案是直观的。如果中央银行有两个政策目标,那么就需要两种工具:货币政策影响总需求;监管政策限制金融风险。

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