Central bankers must acknowledge the limits of their ability to influence economic outcomes

摘要

It's often said that the most fundamental rule for medical practitioners is, "Do no harm." A similar rule for political leaders might be, "Be careful what you ask for." In far too many nations around the world, including the United States, politicians have called upon their central bankers to cure the recent recession and take the lead in restoring growth. Most responded enthusiastically regarding the recession, and it is fair to argue that these efforts may have contributed to a slowing of its more pernicious effects. Few would go so far as to say they have been successful in reigniting significant levels of growth.