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Leaving the Old Lady

机译:离开老太太

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Among the 119 men who have run the Bank of England since 1694, Sir Mer-vyn King stands out in two ways. He has overseen exultant highs and terrible lows-from the "great moderation" of inflation and steady growth to Britain's worst banking collapse. And he has profoundly changed not just the bank, but central banking around the world. In some ways Sir Mervyn, who steps down on June 30th, has failed. In others he has succeeded so completely that it is hard to remember how bad things were before he arrived.Before the early 1990s British monetary policy was chaotic. The bank and the Treasury set targets for things like money supply and credit growth, missed them, then dropped them. In desperation, they tried to import some credibility, first shadowing Germany's Bundesbank, then, in 1990, joining the Exchange Rate Mechanism. If previous efforts had been faltering, this proved a disaster: the high interest rates needed to keep in line with Germany's currency drove Britain into recession. When Sir Mervyn arrived at the bank as chief economist in 1991, a new policy was being explored: inflation targeting.
机译:自1694年以来,在经营英格兰银行的119人中,默文·金爵士爵士有两种表现方式。从通货膨胀和稳定增长的“大幅度放缓”到英国最严重的银行倒闭,他一直监督着高涨和低谷。他不仅改变了银行,而且深刻改变了世界各地的中央银行。在某些方面,6月30日卸任的默文爵士失败了。在另一些方面,他则取得了巨大的成功,以至于很难记得他来之前有多么糟糕。在1990年代初期,英国的货币政策混乱不堪。银行和财政部为货币供应量和信贷增长设定了目标,错过了目标,然后放弃了目标。无奈之下,他们试图引入某种信誉,首先是掩盖了德国联邦银行,然后在1990年加入了汇率机制。如果以前的努力步履蹒跚,那就证明是灾难:与德国货币保持一致所需的高利率使英国陷入衰退。 1991年默文爵士升任该行首席经济学家时,正在探索一种新政策:针对通货膨胀。

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    《The economist》 |2013年第8840期|45-46|共2页
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