欧洲的暑期书单

伯克利—8月份,欧洲人纷纷涌向海滩度假。欧洲大陆沉寂着,所有人都认为,要等到9月份大家带着一身晒成古铜色的皮肤重新开始工作时,后续才会展开。即使是2007年8月的次贷危机和离欧洲人更近的1992年8月的货币危机也没能让欧洲人打消这一念头:8月假期是神圣不可侵犯的传统。那么,这个8月,欧洲人应该躺在遮阳伞下读些什么呢?

米尔顿·弗里德曼和安娜·施瓦茨(Anna Schwartz)的《美国货币史》(A Monetary History of the United States)是第一等必读书。在这部扣人心弦的著作中,最核心的是关于大萧条的一章,这一章的主线是美国联邦储备委员会对货币危机的应对不力。

大体上,弗里德曼和施瓦茨被视为在指责美联储没能迅速地对接二连三的银行倒闭潮——第一波在1930年末,接着在1931和1933年两度再次发生——做出反应。但通过更仔细的解读可以发现,两位作者保留了对美联储的最严厉的批评——没能在1930年上半年实施购买证券的联合计划以防止银行倒闭。

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  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

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