Central_Banking_in_Theory_and_Practice_1999_资料1.Image.Marked.pdf

Central Banking in Theory and Practice Alan S. Blinder The MIT Press Cambridge, Massachusetts London, England Second MIT Press paperback edition, 1999 © 1998 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. This book was set in Palatino by Wellington Graphics and was printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Date Blinder, Alan S. Central banking in theory and practice / Alan S. Blinder. p. cm. — (The Lionel Robbins lectures) Includes bibliographical references and index. ISBN 0-262-02439-X (hb: alk. paper), 0-262-52260-8 (pb) 1. Banks and banking, Central. 2. Banks and banking, Central—United States. 3. Monetary policy. 4. Monetary policy—United States. I. Title. II. Series. HG1811.B55 1998 332.110973—dc21 1 Targets, Instruments, and All That 1 Introduction I realize that these are the Robbins lectures, not the Ricardo lectures. But please pardon a momentary digression on comparative advantage nonetheless, for I have long believed that one true test of whether a person is an economist is how devoutly he or she lives by the principle of comparative advantage. And I dont mean just preaching it, but actually practicing it. For example, I always harbor doubts about my economist friends who tell me that they mow their own lawns, rather than hiring a gardener, because they actually enjoy cutting grass. Such a claim is suspect on its face. But, more to the point, a true believer in comparative advantage should be constitutionally incapable of enjoying such activities; the Davi d Ricardo inside him should make him feel too guilty. As a devotee of comparative advantage, the topic of the