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BENBERNANKE'S STAR TURN

机译:本伯南克的明星转身

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Some say monetary policy, like sausage, ought to be made out of sight. Former Fed chairman Alan Greenspan prided himself on being not so much Delphic as indecipherable in his pronouncements on central bank policy. Yet there was his successor, Ben Bernanke, in the Fed's first-ever post-policy-meeting press conference last month, speaking in forthright, though professorial, terms about the bank's steady-as-she goes interest rate intentions. The dollar may be sliding, the economy faltering and the bond markets fretting, but the Fed chief got the equivalent of a standing ovation from investors in stocks, particularly small caps. The Russell 2000 hit a new high. Still, one astute observer of monetary policy—comedian Stephen Colbert—dissed the Fed's new openness, saying, "The fact is, we don't need to know what they're doing as long as we think they know what they're doing." Could too much candor spoil the illusion?
机译:有人说,像香肠这样的货币政策应该被视而不见。美联储前主席格林斯潘(Alan Greenspan)引以为傲的是,他对央行政策的声明不像德尔福那样令人难以理解。然而,在上个月美联储有史以来第一次政策会议之后的新闻发布会上,有他的继任者本·伯南克(Ben Bernanke),他以直率的,尽管是教授的方式对银行的利率维持不变表示了直言,尽管是教授。美元可能正在滑坡,经济步履蹒跚,债券市场疲软,但美联储首长得到了股票投资者的长期支持,尤其是小盘股。罗素2000年创下新高。不过,一位精明的货币政策观察家喜剧演员斯蒂芬·科尔伯特(Stephen Colbert)反对美联储的新开放态度,他说:“事实是,只要我们认为他们知道自己在做什么,我们就不必知道他们在做什么。 。”过多的坦率会破坏这种幻想吗?

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    《Institutional investor》 |2011年第4期|p.15|共1页
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