四国央行原行长谈货币政策难题与选择，中国可以从中借鉴什么？

Core Insights - The discussion at the 2025 Bund Summit focused on the challenges facing central banks, including geopolitical tensions, tariff barriers, high public debt, and the impact of artificial intelligence on monetary policy choices [1] Group 1: Tariffs and Inflation - Tariffs are becoming a significant uncertainty for central banks, particularly regarding their impact on U.S. inflation and the Federal Reserve's policy direction [3] - Jacob Frenkel noted that despite previous market concerns not materializing, it is premature to celebrate the current situation, drawing parallels to the "weaponization" of tariffs in the 1930s [3] - Raghuram Rajan indicated that while tariff-induced inflation effects have not fully manifested, there are signs of price increases due to tariffs, with a potential inflation rise of about one percentage point if two-thirds of tariffs are passed on [3][4] Group 2: Labor Market and Economic Growth - Rajan expressed concerns about the slowing net job growth in the U.S. labor market, although the extent to which this will exert downward pressure on wages remains uncertain [4] - The resilience of U.S. consumption and strong investment, particularly in AI, has surprised many, suggesting that the anticipated impacts of trade uncertainties have not yet been fully realized [5] Group 3: Monetary Policy Framework - The traditional monetary policy framework's effectiveness is under scrutiny, especially following the Federal Reserve's recent adjustments to its policy framework [6] - Frenkel emphasized that while the framework should remain stable, it must adapt to significant external changes, indicating that the Fed's previous framework is no longer suitable in the current high-inflation environment [6][7] - The debate continues on whether to maintain a strict 2% inflation target or to adopt a more flexible range to avoid damaging credibility and causing unnecessary policy adjustments [7][8] Group 4: Lessons from Japan - Former Bank of Japan Governor Masaaki Shirakawa highlighted that Japan's prolonged economic stagnation is more related to demographic decline and adaptation to external changes than merely deflation [10] - Shirakawa advised against relying solely on aggressive monetary easing, suggesting that China should focus on supply-side issues rather than adopting Japan's past strategies [10] Group 5: Public Debt and Central Bank Credibility - Patrick Honohan discussed the challenges posed by high public debt, emphasizing the need for central banks to maintain their credibility while addressing inflation [11] - Shirakawa noted that the lack of political will for fiscal reform in Japan is partly due to the perception that low interest rates mitigate concerns over fiscal deficits [12]