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].

日本央行审议摘要：一位成员表示，鉴于当前高度的不确定性，央行应在此阶段维持宽松的货币政策， 保持现行利率水平，以坚决支持经济。 ...

美联储即将在周四凌晨公布最新利率决议，市场预期将继续维持利率不变，但投资者关注的是，央行政策制定者是否仍致力于今年两次降息的可能。人们普 遍预计，特朗普的关税措施将推高物价并减缓经济增长，官员们在上次会后声明中就指出了这些风险。这最终可能迫使美联储做出艰难的选择，因为经济形 势正将美联储拉向相反的方向。 美联储连续四次会议未能降息，可能会引发特朗普对鲍威尔的又一次猛烈抨击。但政策制定者们已经明确表示：在他们采取行动之前，他们需要白宫解决围 绕关税、移民和税收等重大问题；最新以色列和伊朗的局势也给全球经济带来了另一个不确定因素。 就业和通胀支持美联储维持现状 最近几周，美联储官员表示，他们不愿降低目前的高利率，因为他们担心特朗普的关税将重新引发高通胀，因为关税对美联储维持低通胀和高就业的双重使 命构成了双重威胁。如果通胀被证明是更大的威胁，美联储可能会在更长时间内维持高利率。但如果就业市场开始崩溃，美联储可能会降息以拯救经济。 美国5月份基础通胀率连续第四个月低于预期，4月核心PCE创四年多来新低。尽管就业增长放缓，失业率仍连续三个月保持稳定，部分原因是移民数量急剧 下降也降低了劳动力供应。失业率保持稳定的时间 ...