中央银行为何不能挤破泡沫

Why central banks should not burst bubbles

该文认为，宽松货币条件与资产价格泡沫之间的联系是十分微弱的，利用紧缩性货币政策来挤压泡沫的成效则更加微弱。事实上，泡沫破裂对实体经济的影响不见得大于急剧收缩银根对实体经济的影响。如果一个国家拥有监管良好的金融系统，那么该国受泡沫膨胀和破裂的影响就会相对较小。从某种意义上讲，泡沫破裂后中央银行采取宽松的货币政策有利于金融稳定。

The connection between monetary slack and asset price bubbles is tenuous, and the efficacy of monetary tightening in bursting bubbles is arguably more tenuous. In fact, the impact of bubble bursting on the macro-economy is not necessarily larger than that of swiftly tightening monetary policy. A nation with a properly supervised and regulated financial system will not suffer much in real terms from a bubble expanding and bursting. To some extent, easing monetary policy by the central bank after bubble bursting is beneficial to financial stability.