The intellectual impact of the crisis has already been colossal. The “Greenspanist” doctrine in monetary policy is in retreat. It no longer seems clear that it is easier for central banks to clean up after asset price bubbles burst than to prick them when they are small. Monetary authorities will need to be more concerned both about financial stability and global imbalances which allowed a few countries to build up vast surpluses while a few others ran yawning deficits.
本輪危機的學術影響已相當巨大。貨幣政策中的「葛林斯潘主義」(Greenspanist)學說開始退避。相比於在資產價格泡沫仍不成規模時就戳破它，央行在泡沫破滅後再整頓市場的難度較小——這種說法看上去不再有把握。貨幣當局將需要更擔心金融穩定性和全球失衡——讓少數國家得以構建鉅額盈餘，而其他一些國家則出現鉅額赤字。
您已閱讀12%（629字），剩餘88%（4770字）包含更多重要資訊，訂閱以繼續探索完整內容，並享受更多專屬服務。