Tumultuous Times: Central Banking in an Era of Crisis-动荡年代：危机下的央行

 白川雅明在日本银行的四十年经历了艰难的经济环境。日本经济奇迹消逝，泡沫先是急剧膨胀后又飞快破裂，随之面对日本社会的是失去的二十年。白川雅明从亲历者的角度剖析了日本央行政策，并坦率地叙述了政府和议会内部的互动。作者认为，中央银行的首要目标是稳定金融，金融稳定比物价稳定还要重要。这挑战了传统的观点，即物价稳定应该是货币政策的首要目标。

书名：Tumultuous Times: Central Banking in an Era of Crisis《动荡年代：危机下的央行》

作者：Masaaki Shirakawa

简介：A rare insider’s account of the inner workings of the Japanese economy, and the Bank of Japan’s monetary policy, by a career central banker
 
The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider’s account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking.