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\u524d\u8054\u50a8\u5c40\u4e3b\u5e2d\u4f0f\u5c14\u514b\uff08Paul Volcker\uff09\u5728\u4e0a\u4e16\u7eaa\u516b\u5341\u5e74\u4ee3\u521d\u4e0d\u60dc\u7ecf\u6d4e\u8870\u9000\uff0c\u4e5f\u4ee5\u9ad8\u606f\u5bf9\u6297\u901a\u80c0\uff0c\u4f7f\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e00\u5ea6\u5347\u81f320\u5398\u3002\u5f53\u65f6\u5e76\u6ca1\u6709\u660e\u786e\u7684\u901a\u80c0\u76ee\u6807\uff0c\u4e0d\u597d\u5224\u65ad\u4ec0\u4e48\u65f6\u5019\u300c\u606f\u300d\u53ef\u800c\u6b62\u3002\u4f0f\u5c14\u514b1987\u5e74\u79bb\u4efb\u65f6\uff0c\u7f8e\u56fd\u901a\u80c0\u7387\u4ecd\u67094%\u3002\u968f\u540e\u7684\u683c\u6797\u65af\u5e73\uff08Alan Greenspan\uff09\u66fe\u7814\u7a76\u662f\u5426\u91c7\u75282%\u901a\u80c0\u76ee\u6807\uff0c\u4f46\u56e0\u7814\u7a76\u7ed3\u679c\u663e\u793a\u4f1a\u5e26\u6765\u7ecf\u6d4e\u8870\u9000\u800c\u4f5c\u7f62\u3002\u53e6\u5916\uff0c\u6709\u7814\u7a76\u5458\u5ba1\u96052000\u5e74\u81f32007\u5e74\u8054\u90a6\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\uff08FOMC\uff09\u7684\u4f1a\u8bae\u7eaa\u5f55\uff0c\u63a8\u65ad\u5176\u4e2d\u9690\u542b\u7684\u4e0e\u4f1a\u8005\u901a\u80c0\u76ee\u6807\u4e3a1.5%\u3002\u91d1\u878d\u6d77\u5578\u540e\uff0c\u65f6\u4efb\u8054\u50a8\u5c40\u4e3b\u5e2d\u8d1d\u5b81\u5947\uff08Ben Bernanke\uff09\u624d\u57282012\u5e74\u6b63\u5f0f\u4ee52%\u901a\u80c0\u76ee\u6807\u4e3a\u8054\u50a8\u5c40\u53cc\u91cd\u4efb\u547d\u4e4b\u4e00\u3002\u52302020\u5e74\uff0c\u65b0\u51a0\u75ab\u60c5\u5e26\u6765\u7ecf\u6d4e\u8870\u9000\uff0c\u52a0\u4e0a\u7f8e\u56fd\u901a\u80c0\u957f\u671f\u4f4e\u4e8e2%\uff0c\u8054\u50a8\u5c40\u9042\u628a2%\u76ee\u6807\u6539\u4e3a\u5e73\u57472%\uff0c\u4ee5\u589e\u52a0\u5b9e\u65bd\u8f83\u5bbd\u677e\u8d27\u5e01\u653f\u7b56\u7684\u7a7a\u95f4\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u82e5\u76ee\u524d\u8054\u50a8\u5c40\u6709\u4fe1\u5fc3\u901a\u80c0\u7ee7\u7eed\u4e0b\u964d\uff0c\u4fbf\u53ef\u5728\u901a\u80c0\u9ad8\u4e8e2%\u65f6\u542f\u52a8\u51cf\u606f\u3002 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Stiglitz\uff09\u3002\u4ed6\u4eec\u7684\u4e3b\u8981\u8bba\u70b9\u662f\uff0c\u5982\u4e0a\u9762\u63d0\u53ca\u4f4e\u901a\u80c0\u76ee\u6807\u9650\u5236\u4e86\u592e\u884c\u4e0b\u8c03\u5229\u7387\u523a\u6fc0\u7ecf\u6d4e\u7684\u7a7a\u95f4\u3002\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u82e5\u679c\u4ee5\u7b80\u5355\u7684\u6cf0\u52d2\u6cd5\u5219\uff08Taylor rule\uff09\u4e3a\u6807\u51c6\u6765\u8ba1\u7b97\uff0c\u57282008\u5e74\u91d1\u878d\u6d77\u5578\u540e\uff0c\u6700\u4f18\u5316\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5927\u7ea6\u662f\u8d1f5\u5398\uff0c\u4f46\u53d7\u5230\u96f6\u5229\u7387\u7684\u9650\u5236\uff0c\u8054\u50a8\u5c40\u53ea\u80fd\u8bc9\u8bf8\u4e8e\u91cf\u5316\u5bbd\u677e\u7b49\u975e\u4f20\u7edf\u8d27\u5e01\u653f\u7b56\u3002\u6b64\u5916\uff0c\u867d\u7136\u901a\u80c0\u4e0d\u5229\u4e8e\u7ecf\u6d4e\uff0c\u4e0d\u8fc7\u89c2\u4e4e\u4e00\u4e9b\u901a\u80c0\u73873%\u62164%\u7684\u7ecf\u6d4e\u4f53\uff0c\u60c5\u51b5\u5e76\u4e0d\u90a3\u4e48\u6076\u52a3\u3002\u65e0\u8bba\u53cc\u65b9\u7684\u8bba\u70b9\u5982\u4f55\uff0c\u5728\u76ee\u524d\u6253\u51fb\u901a\u80c0\u7684\u60c5\u51b5\u4e0b\uff0c\u90fd\u4e0d\u5e94\u4fee\u65392%\u7684\u76ee\u6807\uff0c\u5426\u5219\u4f1a\u4e3a\u91d1\u878d\u5e02\u573a\u5e26\u6765\u6df7\u4e71\uff0c\u5e76\u5f71\u54cd\u8054\u50a8\u5c40\u7684\u8bda\u4fe1\u548c\u65e5\u540e\u8d27\u5e01\u653f\u7b56\u7684\u8fd0\u4f5c\u3002\u4e8b\u5b9e\u4e0a\uff0c\u5efa\u8bae\u6539\u4e3a4%\u7684\u8bba\u8005\u4e5f\u6307\u51fa\uff0c\u5e94\u8be5\u5728\u7ecf\u6d4e\u597d\u666f\u65f6\u624d\u4f5c\u4fee\u6539\u3002 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\u524d\u8054\u50a8\u5c40\u4e3b\u5e2d\u4f0f\u5c14\u514b\uff08Paul Volcker\uff09\u5728\u4e0a\u4e16\u7eaa\u516b\u5341\u5e74\u4ee3\u521d\u4e0d\u60dc\u7ecf\u6d4e\u8870\u9000\uff0c\u4e5f\u4ee5\u9ad8\u606f\u5bf9\u6297\u901a\u80c0\uff0c\u4f7f\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e00\u5ea6\u5347\u81f320\u5398\u3002\u5f53\u65f6\u5e76\u6ca1\u6709\u660e\u786e\u7684\u901a\u80c0\u76ee\u6807\uff0c\u4e0d\u597d\u5224\u65ad\u4ec0\u4e48\u65f6\u5019\u300c\u606f\u300d\u53ef\u800c\u6b62\u3002\u4f0f\u5c14\u514b1987\u5e74\u79bb\u4efb\u65f6\uff0c\u7f8e\u56fd\u901a\u80c0\u7387\u4ecd\u67094%\u3002\u968f\u540e\u7684\u683c\u6797\u65af\u5e73\uff08Alan Greenspan\uff09\u66fe\u7814\u7a76\u662f\u5426\u91c7\u75282%\u901a\u80c0\u76ee\u6807\uff0c\u4f46\u56e0\u7814\u7a76\u7ed3\u679c\u663e\u793a\u4f1a\u5e26\u6765\u7ecf\u6d4e\u8870\u9000\u800c\u4f5c\u7f62\u3002\u53e6\u5916\uff0c\u6709\u7814\u7a76\u5458\u5ba1\u96052000\u5e74\u81f32007\u5e74\u8054\u90a6\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\uff08FOMC\uff09\u7684\u4f1a\u8bae\u7eaa\u5f55\uff0c\u63a8\u65ad\u5176\u4e2d\u9690\u542b\u7684\u4e0e\u4f1a\u8005\u901a\u80c0\u76ee\u6807\u4e3a1.5%\u3002\u91d1\u878d\u6d77\u5578\u540e\uff0c\u65f6\u4efb\u8054\u50a8\u5c40\u4e3b\u5e2d\u8d1d\u5b81\u5947\uff08Ben 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