Core Viewpoint - The book "The Hand of Money" critiques the evolving role of central banks in the 21st century, suggesting that traditional economic theories about the "invisible hand" and "visible hand" are inadequate to describe the complexities of modern monetary policy [1][2]. Group 1: Historical Context - The concept of the "invisible hand" was introduced by Adam Smith, emphasizing self-interest in a free market leading to societal benefits [1]. - Alfred Chandler proposed the "visible hand" theory, highlighting the role of management in economic sectors [1]. - John Maynard Keynes introduced the "helping hand" concept, stressing the importance of government intervention in the economy [1]. Group 2: Central Bank's Role - Authors John Van Overtveldt and Stijn Roose argue that the various "hand" metaphors in Western economics apply to central banks but fail to capture their essence in the 21st century, preferring the term "magic" [2]. - The central bank's operations are described as highly specialized and complex, requiring precise timing and understanding, likened to a "deep art" rather than a mere skill [2]. Group 3: Impact of Monetary Policy - The 2008 financial crisis showcased the limitations of traditional monetary policy tools, leading to the adoption of unconventional measures by central banks [3]. - The authors criticize zero interest rate policies for prolonging the existence of inefficient firms, contributing to economic stagnation [3]. - The term "zombie syndrome" is used to describe the negative effects of such policies on economic dynamism [3]. Group 4: Challenges and Recommendations - The book identifies a significant challenge for central banks: the intertwining of unconventional monetary policies and high debt levels [4]. - It suggests that central banks should reassess their inflation targets and incorporate more variables affecting financial stability into their decision-making processes [4]. - The book serves as an introductory guide to central banking and monetary policy, aiming to demystify the role of central banks and enhance their effectiveness in economic regulation [5].

鲍威尔引爆最佳"美联储决议日"。 当地时间周三，在美联储下调今年经济预期，上调通胀预期后，随后的新闻发布会上，鲍威尔对经济风险表示"漠视"， 再次抛出 "通胀暂时论" ， 透露 出"坚定"维持现状的立场。 分析认为，其对美国经济风险"漫不经心"的态度对市场情绪产生了重大影响，他似乎在 "特意安抚金融市场" 。 在鲍威尔这种微妙的姿态的推动下，隔夜美国市场罕见股债齐升。 标普500指数、纳指大涨超1%， 标普创下自去年7月以来"美联储决议日"最佳表现 ，2年期美债收益率一度跳水超10个基点，10年期美债收益率跌超4个基 点，刷新日低。 现货金价连续两天盘中创历史新高，鲍威尔新闻发布会期间逼近3052美元。 一句话概括， 除了美元，几乎所有资产类别都录得上涨。 值得注意的是， 鲍威尔的"通胀暂时论"让人联想起美联储对疫情驱动的通胀飙升反应迟缓的记忆。这种策略能否奏效，无疑是当下市场关注的焦点。 鲍威尔在2021年坚持认为通胀只是"暂时性"的，结果证明这是一个代价高昂的误判。当时的通胀不仅没有短暂消退，反而飙升至40年来的最高水平，迫使 美联储在后期不得不大幅加息以控制物价。 而区别是， 这一次鲍威尔更多强调不确定 ...