美联储-危机后的中央银行（英）.pdf
FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)CentralBankingPostCrisesMichaelT.KileyandFredericS.Mishkin2024-035Pleasecitethispaperas:Kiley,MichaelT.,andFredericS.Mishkin(2024).CentralBankingPostCrises,"FinanceandEconomicsDiscussionSeries2024-035.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.035.NOTE:Sta workingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.Theanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchsta ortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.1CentralBankingPostCrisesbyMichaelT.KileyBoardofGovernorsoftheFederalReserveSystemandFredericS.MishkinGraduateSchoolofBusiness,ColumbiaUniversityandNationalBureauofEconomicResearchAbstractTheworldeconomyhasexperiencedthelargestfinancialcrisisingenerations,aglobalpandemic,andaresurgenceininflationduringthefirstquarterofthe21stcentury,yieldingimportantinsightsforcentralbanking.Pricestabilityhasimportantbenefitsandistheresponsibilityofacentralbank.Achievingpricestabilityinacomplexanduncertainenvironmentinvolvesacrediblecommitmenttoanominalanchorwithastrongresponsetoinflationandpre-emptiveleaningagainstanoverheatingeconomy.Associatedchallengesimplythatcentralbankcommunicationandtransparencyarekeyelementsofmonetarypolicystrategiesandtactics.Criseshaveemphasizedtheroleofcentralbanksinpromotingfinancialstability,asfinancialstabilityiskeytoachievingpriceandeconomicstability,butthisroleincreasesriskstoindependence.Goalsforcentralbanksotherthanpriceandeconomicstability,complementedbyfinancialstability,canmakeitmoredifficultforthemtostabilizebothinflationandeconomicactivity.Keywordscentralbankgovernance,centralbanking,financialstability,monetarypolicy,scienceofcentralbankingPreparedforTheOxfordHandbookofBanking,FourthEdition.TheauthorswouldliketothankJaneKrohnforherresearchassistance.TheviewsexpressedhereareourownandarenotnecessarilythoseoftheBoardofGovernorsoftheFederalReserveSystem,ColumbiaUniversity,ortheNationalBureauofEconomicResearch.DisclosureofMishkin’soutsidecompensatedactivitiescanbefoundonhiswebsiteathttp://www0.gsb.columbia.edu/faculty/fmishkin/223.1IntroductionCentralbanksareexperiencingtheapocryphalcursethattheyarelivingthroughinterestingtimes.1Inthelasttwentyyears,theyhavefacedtheglobalfinancialcrisisof2007-2009,theCovidpandemicof2020,andasurgeininflationin2022-2023.Thischapterexaminesthechallengesthatcentralbanksfaceinthewakeofthesecrises.Wefocusonhowgovernance,monetarypolicyandfinancialstabilitypolicyatcentralbankshasevolvedinrecentyears.Acentralbankisaunitofgovernmentthatcontrolsmonetarypolicy.Thepolicygoalsofcentralbanksfocusonpricestability,stabilityineconomicactivity,andfinancialstability—goalsthathaveevolvedo
