Hardly surprisingly, Greenspan’s call on inflation is now coming under the m

游客2023-12-13  6

问题     Hardly surprisingly, Greenspan’s call on inflation is now coming under the microscope, even by those on the Keynesian left who tend to favor expansionary macroeconomic policies. "Show me something, other than computers, where the price is falling," says Dean Baker of the Centre for Economic Policy Research in Washington. Baker is right. Clearly, risks to inflation are on the upside, and massively so. The economy has been injected with a cocktail of three growth-inducing drugs—negative real interest rates, a rising budget deficit and a falling currency. Oil prices have touched $40 a barrel and the labor market is tightening. It is hard to believe that Greenspan, a junkie for economic data no matter how seemingly trivial, has not spotted all this. Rates in the US are far below a neutral level, which would probably be around 5%, yet Greenspan is in no hurry to act.

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答案     现在,格林斯潘处理通胀的方式受到百般挑剔也就不足为怪了,连那些凯恩斯左派人士居然也加入了挑剔者的行列,而这些人平时却赞成扩张性宏观经济政策。华盛顿经济政策研究中心的迪安·贝克说:“除了计算机以外,难道还有别的东西在降价?”贝克是正确的。显而易见,通货膨胀的风险正呈上升趋势,而且上升幅度将会很大。美国经济已被注人了一付i合一增长剂,其中包括实际利率的降低、不断增长的预算赤字以及货币的贬值。石油价格已达每桶40美元,劳动力市场也在紧缩。无论这些数字显得多么微不足道,人们还是很难相信,像格林斯潘这样一位对经济数字如数家珍的老手,怎么可能对此视而不见?美国利率的中性水平在5%左右,而目前的利率则远远低于这一标准。然而,格林斯潘似乎并不急于采取任何行动。

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