对抗美联储

发自剑桥——美联储正就一项法律提案与国会议员进行交锋,该法案名为美国联邦储备委员会问责制和透明度法案,要求美联储使用正式的规则来指导货币政策。美联储担心法律会限制其独立性,而该法案的支持者认为,这将产生更多可预测的低通胀经济增长。谁才是正确的呢?

为了理解这一冲突,有必要在此将美联储的独立性与<>英格兰银行及欧洲央行进行一些比较。

在英国,英格兰银行拥有“工具独立性”而不是“目标独立性”。财政部设定目标通货膨胀率,由英格兰银行决定采用何种政策来实现这一目标。如果结果偏离超过1%而不能实现目标,行长就必须向财政部发送一封公开信解释原因(以及央行提议应当采取什么措施进行补救)。

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