A Century of US Central Banking: Goals, Frameworks, Accountability
通过回顾美联储百年历史中的几个“大”事件（大萧条、大通胀、大缓和、大衰退），分析其政策目标、框架和问责机制的演变，为理解央行角色变化提供视角。
Several key episodes in the 100-year history of the Federal Reserve have been referred to in various contexts with the adjective “Great” attached to them: the Great Experiment of the Federal Reserve's founding, the Great Depression, the Great Inflation and subsequent disinflation, the Great Moderation, and the recent Great Recession. Here, I'll use this sequence of “Great” episodes to discuss the evolution over the past 100 years of three key aspects of Federal Reserve policymaking: the goals of policy, the policy framework, and accountability and communication. The changes over time in these three areas provide a useful perspective, I believe, on how the role and functioning of the Federal Reserve have changed since its founding in 1913, as well as some lessons for the present and for the future.