货币论文题考点整理.docVIP

《Central banking after the crisis》 This paper explores where central banking is heading after the recent financial crisis. First it will discuss the central bank consensus before the crisis；(P1-3) [危机之前的中央银行共识] and then will outline the key facts learned from the crisis that require changes in the way central banks conduct their business；(P3-10重点) [概述危机教训中的关键事实，要求改变中央银行中的管理方式] Finally, it will discuss four main areas in which central banks are altering their policy frame works: 1) the interaction between monetary and financial stability policies, （P10-18重点） 2) nonconventional monetary policy（P19）, 3) risk management and 4) fiscal dominance and monetary policy. [中央银行正在改变其政策框架的四个领域：1.货币及金融稳定政策之间的相互影响；2.非常规货币政策；3.风险管理；4.财政支配和货币政策] The paper then ends with some concluding remarks. Events in the recent global financial crisis have changed central banking forever. [在最近的全球金融危机的事件永远改变了中央银行。] Although the basic central banking paradigm of flexible inflation targeting in which the central bank makes a credible commitment to stabilize inflation in the long run is still valid, the form of its flexibility requires substantial rethinking. [虽然作为中央银行基本范式的灵活通货膨胀目标制，从长远来看是仍然有效的,中央银行须可信的承诺稳定通货膨胀；但是灵活的形式需要实质的再思考。] There are four areas in which central banks need to make, and are making, major changes in the way they conduct policy. [中央银行需要从四个方面对他们执行政策的方式作出重大改变，并且他们正在改变之中。] First, monetary policy at times need to lean against credit-driven bubbles, and there is an interaction of monetary policy with macro prudential policy, in which tighter macro prudential policy will require easier monetary policy and vice versa. [第一，货币政策有时需要克服信贷驱动型的经济泡沫；而货币政策与宏观审慎监管政策存在相互影响，紧缩的宏观审慎政策将要求更宽松的货币政策的配合，反之亦然。] Second, at the current juncture the nonconventional monetary policy of managing expectations is needed to stabilize the economy, but the communications challenges are serious ones. [第二，当前时刻需要非常规的货币政策中的管理期望来稳定经济，但通信挑战是严重的问题。] Third, the nonlinearities of the macro economy implies that central ba