Central Bank Design
从零开始探讨如何为美国设计中央银行制度，基于经济文献和历史经验，权衡不同选择的利弊，并指出最优设计的明确方向。
Starting with a blank slate, how could one design the institutions of a central bank for the United States? This paper explores the question of how to design a central bank, drawing on the relevant economic literature and historical experiences while staying free from concerns about how the Fed got to be what it is today or the short-term political constraints it has faced at various times. The goal is to provide an opinionated overview that puts forward the trade-offs associated with different choices and identifies areas where there are clear messages about optimal central bank design.