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Assets and their liabilities

机译：资产及其负债

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Credit and asset-price booms can leave an awful lot of wreckage behind them. The casualty list after America's housing crash includes: an overhang of unsold property; a huge fall in construction; the risk of weakening consumer spending as house prices fall; a trail of bankruptcies; big writedowns among the investment banks; and the unprecedented seizing-up of some financial markets on both sides of the Atlantic.rnYou might conclude from this that central banks would try to stop asset prices getting out of hand in the first place. But you would be wrong. Ask a central banker what his job is—on a day when he's not busy trying to save the financial system-and he will probably say he must "maintain price stability" or "control some measure of inflation". Decoded, that means he cares about the rate of increase in consumer prices, not the prices of houses, shares or other financial assets.
机译：信贷和资产价格的繁荣会给他们留下很多沉重的麻烦。美国房屋崩盘后的伤亡名单包括：一堆未售出的财产；建筑的大幅下降；房价下跌会削弱消费者支出的风险；破产的痕迹；投资银行之间的大量减记；以及大西洋两岸一些金融市场的空前抢占。您可能会由此得出结论，央行将首先试图阻止资产价格失控。但是你会错的。问一个中央银行，他的工作是什么—在一天他不忙于挽救金融体系的一天—他可能会说他必须“保持价格稳定”或“控制某种程度的通货膨胀”。解码后，这意味着他关心的是消费者价格的上涨速度，而不是房屋，股份或其他金融资产的价格。

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