The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence" Using scores of examples from the Fed’s rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation’s central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed’s place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed’s power, Conti-Brown captures and clarifies the central bank’s defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation’s central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.
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内容简介:
The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence" Using scores of examples from the Fed’s rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation’s central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed’s place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed’s power, Conti-Brown captures and clarifies the central bank’s defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation’s central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.
编辑推荐:
大浪淘沙,惊涛拍岸。
本辑译丛既呈现了明星作家施瓦格所提炼的各路奇才笑傲市场的金科玉律,也研究了投资教父格雷厄姆的修炼秘籍;既披露了名声如雷贯耳的投资大亨犯下的代价亿万的错误,也讲述了一代枭雄古尔德的沉浮往事;同时,也还原了一个通胀迷雾下,似乎越来越扑朔迷离的“美联储”。
一个个跃然纸上的人物、一则则触及心灵的故事,读者将从纸墨间体会仍在闪烁的思想晶体;透过坚硬的墙体和难以穷究的术语背后,感受到血脉的跳动。
当世人都热衷于注视着“后浪”时,不要忘记“前浪”所曾达到的高度,这将有助于我们更为深刻地理解投资的内涵与边际……
《真实的美联储》为该译丛之一。
内容简介:
我们所了解的美联储,是其真实的样子吗?美联储的独立性被视为其身份的基石,这对于让货币政策免受政治选举的影响来说至关重要,但真相确实如此吗?
借助美联储悠长历史中的丰富案例,《真实的美联储》将启发读者们认识到有关这一美国央行的诸多流行观点是有问题的。金融史学家彼得·康迪—布朗对美联储在美国政府中的微妙地位,其与总统、国会、经济学家和银行家之间错综复杂的关系,以及其盘根错节的内部治理结构,展开了深入细致的探讨。
书中通过研究美联储如何监管美国经济和掌控自身运作,以及法律对其权力范畴的划定,深刻呈现了其复杂性;同时,对1913年《联邦储备法案》这一中央银行体系的基石,以及数代人对相关制度的不断重塑,做出了细致的描述。《真实的美联储》还对美联储主席就是美联储的“全能神”的观点发起挑战,通过一桩桩有趣的故事,揭示了美联储日益繁重的使命——系统风险的监管者、银行业的守护者以及通胀和通缩的斗士,将促使人们对其真实面目形成新的认识。
美联储前副主席艾伦·S.布林德评价称:“有没有可能以一种引人入胜、原汁原味甚至带点文学味道的笔调,来描绘出一个真实的美联储呢?当然有可能,康迪-布朗就做到了。他对历史事件的娓娓道来、在法律分析中的细致入微以及在经济概念上的旁征博引,让该书在所有关于美联储的书籍中脱颖而出。”
哈佛商学院教授、中央银行家保罗·塔克则称赞道:“对中央银行业评头论足历来都是经济学家和业内人士该干的活儿,而法学家和政治学家则会关心监管情况。但《真实的美联储》打破了这种分工模式,它备受追捧并引发热议,毫不令人奇怪。”
前言/序言:
书犹药也,善读之可以医愚。投资行业从不乏聪敏之人,但是增智开慧乃至明心见性才是成长为优秀投资人的不二法门,读书无疑是学习提升的最佳方式。
常有人说投资是终身职业,但我认为投资更需要终身学习。很多人投资入门多年,依然不得其道;终日逡巡于“牛拉车不动,是打车还是打牛”的困境,不得要领。从业多年,我接触过太多这样的投资人士,个中缘由不尽相同,但有一点却非常普遍:或是长期疏于学习,或是踏入“学而不思则罔”的陷阱。
我认为,学习大致有三个层次,亦是三重境界:
第一重是增加知识,拓展基础的能力圈。着眼点是扩大个人对于客观世界的认知积累,这是大多数人的学习常态,这一重固然重要却不是学习的本质。
第二重是提高逻辑,改进个人的认知框架。达到这一境界,已经可以将刻板知识灵活运用,但仍然仅可解释过去却无法指向未来。
第三重是强化洞见,思考从个人出发,无视繁复的信息噪声干扰,穿透过去、现在和未来,最终开始正确地指导现实世界。在这一境界,学习已不只是追求知识,更是追求“知识的知识”。这是无数积累之后的茅塞顿开,更是质量互变之际的醍醐灌顶,不断思考感悟尤为重要。
书籍浩如烟海,书中智慧灿若繁星,而若能由自己抽丝剥茧得到“知识的知识”,将会终身受益。二十多年前,我还是一名上海财经大学的普通学生,对投资有着浓厚的兴趣,可惜国内的投资业刚刚起步,相关资料远没有今天互联网时代这样发达,此时财大的图书馆像是一个巨大的宝库,收藏着大量有关投资的英文原版书籍。我一头扎进了书丛,如饥似渴地阅读了许多经典,通过这一扇扇大门,我对西方资本市场发展窥斑见豹,其中提炼出的有关投资理念、流程、方法的内容潜移默化地影响并塑造了日后的我。时至今日,常有关心汇添富的朋友问起,为什么根植于国内市场的汇添富,投资原则和方法与外资机构如此类似?我想多少应该与我当年的这段经历有关。
今天,我依然非常感恩这段时光,也深深地明白:那些看过的书、走过的路对一个人的人生轨迹会产生多大的影响,特别是在以人才为核心的基金投资行业。今年恰逢中国基金行业二十周年,二十年斗转星移,正是各路英杰风雨兼程、夙兴夜寐才有了今天的局面,汇添富基金是见证者,也有幸参与其中。这些年,我总试图在汇添富重现当年我学生时的氛围,鼓励同事们有空多读书、读好书、好读书。在此,奉上“汇添富基金·世界资本经典译丛”以飨读者,希望大家能够如当年懵懂的我一般幸运:无论外界如何变化,我们都可以不断提升进化自己。
是以为序。