有人说,格林斯潘18年的工作,几乎就是决定利率的几个数字。美国联邦储备银行素来就有以利率作为货币政策中介目标的传统。在第二次世界大战期间,“盯住利率”(盯住政府国库券利率)甚至是联储惟一的货币政策目标。在格林斯潘的领导下,自1987年以来,联邦基金利率的走势主要受两个变数的影响:第一,通胀率升高时,会提高利率 Some people say that Greenspan’s 18-year work is almost a few figures that set the interest rate. The Federal Reserve has always had the tradition of targeting interest rates as an intermediary in monetary policy. During World War II, “pegging to interest rates” (pegging to government treasury rates) was even the Fed’s sole monetary policy goal. Under Greenspan’s leadership, the trend in the federal funds rate since 1987 has been dominated by two variables: first, rising interest rates as inflation rises