21书评｜揭开货币政策迷雾与全球治理的双重面纱

Core Insights - The book "The Hand of Money" aims to demystify monetary policy, addressing misconceptions about its functions and limitations [1][3][4] Group 1: Misconceptions about Monetary Policy - There are two prevalent misconceptions among the public regarding monetary policy: one is that it can effectively smooth out economic fluctuations, while the other is the belief in its omnipotence during economic downturns [3][4] - The book emphasizes the importance of understanding the limitations of monetary policy, particularly in times of economic and financial crises, where it may be ineffective [4][5] Group 2: Role of Central Banks - The author highlights the critical role of central banks as lenders of last resort, referencing historical economists who have discussed this function [4][5] - The book illustrates various monetary tools that central banks can employ during crises, such as quantitative easing and negative interest rates, beyond traditional monetary policy [4][6] Group 3: Structural Economic Changes - In China, there is a tendency to focus on short-term demand in monetary policy analysis, neglecting the ongoing structural adjustments in the economy since the reform and opening-up [5][6] - The transition towards a high-quality, innovation-driven economy necessitates a reevaluation of existing monetary policies, as traditional models may no longer apply [5][8] Group 4: Academic Research vs. Policy Practice - There exists a disconnect between academic research and policy practice in the field of monetary policy, with the former often being abstract and the latter more context-specific [6][7] - The book argues for the necessity of integrating academic insights with practical policy-making to address real-world economic challenges effectively [7][8] Group 5: Ethical Considerations in Monetary Policy - The book critiques the ethical implications of monetary policy, particularly regarding wealth distribution and the potential moral hazards faced by policymakers [10][11] - It warns against short-sighted monetary policies that may prioritize immediate economic relief at the expense of long-term stability and structural reforms [10][11]