何平译作《货币之手》：深度解析中央银行与全球经济大博弈

Core Insights - The book "The Hand of Money" focuses on the role and impact of central banks in the contemporary economy, exploring how their policies shape the global economy [1] - It emphasizes unconventional monetary policies adopted during the 2007-2009 global financial crisis and the COVID-19 pandemic, such as quantitative easing and negative interest rate policies [1] - The book critically analyzes the effectiveness and shortcomings of these policies in stabilizing financial markets and stimulating economic growth [1] Summary by Sections Central Bank Policies - The book provides a comprehensive analysis of the historical and current roles of central banks in economic development [1] - It discusses the unexpected negative consequences of unconventional monetary policies, including debt accumulation, widening wealth gaps, and financial market instability [1] Inflation Targeting - A deep reflection on the long-standing 2% inflation target policy framework is presented, highlighting its limitations in the current economic environment [1] - The authors suggest incorporating financial stability into the policy framework as a necessary adjustment [7] Challenges and New Paradigms - The authors identify dual challenges: untangling the relationship between unconventional monetary policies and high debt levels, and the need for a new growth model [7] - The book advocates for a reevaluation of inflation targets and the inclusion of variables affecting financial stability in policy decisions [7] Perspectives on Central Banking - The authors utilize three perspectives to analyze central banks: the journalist's view for public understanding, the academic's theoretical perspective, and the politician's practical viewpoint [8] - The book serves as a valuable resource for policymakers, scholars, and general readers interested in understanding central bank operations and monetary policy [2][10]