Central banks are better at restraining markets' irrational exuberance in a bubble - restricting the availability of credit or raising interest rates to rein in the economy - than at promoting investment in a recession.

与在经济衰退时促进投资相比，央行更善于限制市场在泡沫时期不理性的繁荣——通过限制贷款或者提高利率来控制经济。

Stiglitz, Joseph E.Stiglitz, Joseph E.

iglitz, Joseph E.

Stiglitz, Joseph E

© Project Syndicate 1995 - 2011

http://www.project-syndicate.org/ 13.09.2011

iglitz, Joseph E.

Stiglitz, Joseph E

© Project Syndicate 1995 - 2011

http://www.project-syndicate.org/ 13.09.2011

Faced with wide swings, central banks are helpless to counteract traders’ irrational zeal to bid a currency further away from historical benchmark levels.

面对大幅波动，中央银行对于抵消交易者们争购某一种货币、 进一步脱离其历史基准水平的非理性狂热无能为力。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010