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在2007～2009年国际金融危机爆发之前,美国的中央银行家相信资本市场是有效的,对及时地识别泡沫没有信心,认为中央银行实施紧缩性的货币政策未必能有效抑制投机活动,而逆风向调节资产价格泡沫会严重损害实体经济。因此,他们支持采取传统战略的货币政策。2007年国际金融危机爆发至今,美国的中央银行家对如何干预资产价格波动进行了深刻的反思,对市场的有效性有所质疑,修正了以前的结论,认为中央银行可以识别有些资产价格泡沫。资产价格崩溃的后果非常严重,中央银行需要加强金融监管以抑制资产价格泡沫。
Before the outbreak of the international financial crisis in 2007-2009, central bankers in the United States believed that the capital market was effective and did not have any confidence in promptly identifying the bubble. The central bank’s tight monetary policy may not be effective in curbing speculation, but the anti-windward trend Adjusting asset price bubbles can seriously damage the real economy. Therefore, they support the monetary policy adopting the traditional strategy. Since the outbreak of the global financial crisis in 2007 up to now, the central bankers in the United States have conducted a profound rethinking on how to intervene in the fluctuation of asset prices, questioned the effectiveness of the market, and amended previous conclusions that the central bank can identify some asset price bubbles. The consequences of the collapse of asset prices are so severe that central banks need to strengthen financial regulation to curb asset price bubbles.