美联储前主席贝南克(Ben Bernanke)表示，美联储在解决通胀问题上等待时机是错误的。“其中一个原因是他们不想震动市场，”他告诉CNBC的安德鲁·罗斯·索尔金(Andrew Ross Sorkin)。伯南克在新书出版的前一天发表了上述讲话。新书讲述了美联储在21世纪的政策动向。伯南克的新书《21世纪的货币政策:从大通货膨胀到新冠肺炎的美联储》将于5日正式出版。
美国联邦储备理事会(美联储，fed)前主席贝南克(Ben Bernanke)表示：
美联储等待解决通胀问题的做法是错误的。目前的通胀问题已成为美国金融史上自1980年代初以来最严重的事件。何时应该采取行动遏制通胀的问题"很复杂"。问题是他们为什么要推迟. ...为什么他们延迟了回应?回想起来，我认为，是的，这是一个错误，我认为他们也认为这是一个错误。他理解鲍威尔领导的美联储为何等待。其中一个原因是，他们不想冲击市场。在2013年'缩减恐慌’(Taper Tantrum)期间，杰伊·鲍威尔(Jay Powell)是我的董事会成员，那是一次非常不愉快的经历。他想通过给人们尽可能多的警告来避免这种事情。因此，这种渐进主义是美联储在2021年年中没有更快地应对通胀压力的几个原因之一。美联储希望看到的一件事是，尽管当前通胀走势与1970年代末和80年代初的恶性通胀相提并论，但与上一次物价涨幅如此之高的情况有所不同。很多人支持美联储正在收紧货币政策的事实，尽管我们明显看到了市场的影响。你知道，我们会看到房价等方面的影响。所以我认为目前的情况在某些方面更好，因为我们从70年代学到了很多。
来源：CMBC
Bernanke says the Fed's slow response to inflation 'was a mistake'
Former Fed Chair Ben Bernanke said the central bank erred in waiting to address inflation.
“One of the reasons was that they wanted not to shock the market,” he told CNBC’s Andrew Ross Sorkin.
Bernanke spoke a day ahead of his latest book release, which addresses Federal Reserve policy moves during the 21st century.
Former Federal Reserve Chair Ben Bernanke said the central bank erred in waiting to address an inflation problem that has turned into the worst episode in U.S. financial history since the early 1980s.
Bernanke, who guided the Fed through the financial crisis that exploded in 2008 and presided over unprecedented monetary policy expansion, told CNBC that the issue of when action should have been taken to tame inflation is “complicated.”
“The question is why did they delay that. ... Why did they delay their response? I think in retrospect, yes, it was a mistake,” he told CNBC’s Andrew Ross Sorkin in an interview that aired during Monday’s “Squawk Box” show. “And I think they agree it was a mistake.”
Like the Bernanke-era Fed, the Jerome Powell-led central bank was called on to take aggressive action when the Covid pandemic hit in March 2020. Much of the response was patterned after the financial crisis moves, but to an even larger degree.
It kept that historically loose policy in place well after the economy recovered from the crisis.
Now, the Fed is tightening policy with rate hikes and a reduction of its bond holdings that will start in June. However, the Fed is facing criticism that it waited too long to pull back and now confronts inflation running at an 8.3% annual pace.
Bernanke said he understands why the Powell-led Fed waited.
“One of the reasons was that they wanted not to shock the market,” he said. “Jay Powell was on my board during the Taper Tantrum in 2013, which was a very unpleasant experience. He wanted to avoid that kind of thing by giving people as much warning as possible. And so that gradualism was one of several reasons why the Fed didn’t respond more quickly to the inflationary pressure in the middle of 2021.”
In late summer of 2020, the Fed changed its policy framework to indicate that it would allow inflation to run hotter than normal in the interest of assuring a complete and inclusive jobs recovery.
When inflation began running higher than the 2% target in the spring of 2021, policymakers said they expected it to be “transitory” due to pandemic-specific factors that would abate. In recent days, several Fed officials have defended their response, saying that when it became clearer that inflation was more persistent, they began using “forward guidance” to tell the market that tighter policy was coming.
One thing the Fed has going for it is that while the current inflation run is drawing comparisons to the hyperinflation of the late 1970s and early ’80s, it is different from the last time price increases were this high, Bernanke added.
What’s more, the current central bank has more credibility as an inflation fighter, and there’s more public support for rate hikes.
“There’s a lot of support for the fact that the Fed is tightening now, even though obviously we see the effects in markets,” Bernanke said. “You know, we’ll see the effects in house prices, etc. So those are some ways in which the current situation I think is better because we learned a lot from the ’70s.”
Bernanke’s new book is “21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19” and will be released officially Tuesday.
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