Shifting Mandates: The Federal Reserve's First Centennial
回顾美联储百年历史中职责的演变，从最初关注金融稳定到二战后财政融资，再到反通胀和金融危机后重归金融稳定，指出其工具范围缩小的问题，主张恢复多种工具包括更积极使用准备金要求。
The Federal Reserve's mandate has evolved considerably over the organization's hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed's mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided belief in the inherent stability of financial markets. We argue for a return to multiple instruments, including a more active role for reserve requirements.