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央行规则的变化

布鲁塞尔—今年怀俄明州杰克森霍尔(Jackson Hole)的世界央行行长会议主题与货币政策没有什么关系。当然“构建有活力的全球经济”是一个重要话题。但欧洲央行为自己的年会选择了一个类似的“非货币”话题(“发达国家的投资与增长”)就很能说明问题了。

央行行长考虑诸如增长、贸易和投资等方面的挑战,这并没有什么不对。但央行之所以要独立,正是因为人们认识到,它们要为实现自身目标——不论经济增长率如何,都要维持货币稳定——接受问责。因此,央行行长为什么要去关注外部问题,而不将注意力集中在自己的三分三上?

看起来,答案似乎是他们无法很好地解释当前的方针。

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