When I joined the People’s Bank of China’s Monetary Policy Committee in April 2010, I knew I was unprepared, despite teaching economics for nearly 20 years in the US and Hong Kong. In fact, few people could have been prepared: China has a large and mixed economy and its institutions are still young. The financial crisis made my task harder still, since it exposed the deficiencies in traditional macroeconomic theories.
我在2010年4月加入中國人民銀行貨幣政策委員會時，知道自己準備不足，儘管我已經在美國和香港教授經濟學近20年。實際上，極少有人能做好準備：中國經濟規模巨大、情況複雜，各項制度也還處在起步階段。金融危機讓我的任務更加困難，因爲它暴露了傳統宏觀經濟理論的缺陷。
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