The intellectual impact of the crisis has already been colossal. The “Greenspanist” doctrine in monetary policy is in retreat. It no longer seems clear that it is easier for central banks to clean up after asset price bubbles burst than to prick them when they are small. Monetary authorities will need to be more concerned both about financial stability and global imbalances which allowed a few countries to build up vast surpluses while a few others ran yawning deficits.
本轮危机的学术影响已相当巨大。货币政策中的“格林斯潘主义”(Greenspanist)学说开始退避。相比于在资产价格泡沫仍不成规模时就戳破它，央行在泡沫破灭后再整顿市场的难度较小——这种说法看上去不再有把握。货币当局将需要更担心金融稳定性和manbetx app苹果 失衡——让少数国家得以构建巨额盈余，而其他一些国家则出现巨额赤字。
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