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Christine Lagarde and Janet Yellen Yin Bogu/ZumaPress



国际清算银行早就指出,纯粹的通胀目标与金融稳定不相容。它没有考虑金融周期,因此导致过度扩张和不对称的货币政策。此外,支持通胀目标的主要观点——这样做降低了20世纪90年代初以来的通货膨胀——也是值得质疑的。反通胀(disinflation)始于20世纪80年代初——远早于通胀目标——原因是时任美联储主席保罗·沃尔克(Paul Volcker)的一系列措施。而从20世纪90年代以来,全球化——特别是中国融入全球经济——也许才是全球通胀压力下降的主要原因。


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    Time to Bite the Bullet in Syria

    Carl Bildt

    US President Donald Trump's impulsive decision to pull American troops out of northern Syria and allow Turkey to launch a military campaign against the Kurds there has proved utterly disastrous. But a crisis was already inevitable, given the realities on the ground and the absence of a coherent US or Western policy in Syria.


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