Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
The half-century since the official demise of the Bretton Woods system of fixed exchange rates has shown the benefits of what replaced it. While some may feel nostalgic for the postwar monetary system, its collapse was inevitable, and what looked like failure has given rise to a remarkably resilient regime.
explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
发自波士顿—美国联邦储备委员会在近几个月陆续发布了一些与气候相关的公告:去年12月加入了央行和监管机构绿色金融网络,随后在2月成立了一个新的气候监督委员会。虽然这些都是重要的第一步,但美联储本应在应对气候变化方面更有作为,而这反过来又能帮助其完成自身政治任务。
尽管拜登总统已经明确表示会将气候考量纳入政府各项财政决策,但这并不能让央行摆脱干系。而美联储出于自身独立性考虑,又对部署将货币政策制定纳入同一轨道所需的非常规工具持谨慎态度。
但美联储已经远远超出了操纵隔夜银行借款利率(整个经济中借款者和储蓄者的基准利率)的范围并深度介入到了非常规领域,正如它开始购买资产以应对新冠疫情那样。它宣称不想挑选赢家和输家,但其实已经这样做了:任何持有央行采购资产的人最终都成为了赢家。
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