If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
发自华盛顿特区——从碳氢化合物到可再生能源和电气化的“能源转型”是当前政策辩论的最前沿议题。但在过去18个月间人们发现这项工作的挑战性和复杂性都超出了仅仅通过研究许多情境中出现的图表所能想象的程度。即使是在已经采取了大规模方案(比如《通货膨胀削减法》和RePowerEU行动方案)来推动转型进程的美国和欧洲,最终实现转型所仰赖的新技术的发展、部署和规模扩张也只能随着时间的推移来逐步决定。
“能源转型”一词看似意味着我们只是在发端于几个世纪前工业革命的旅程中又踏出了一步。但当我在为撰写《新地图》一书研究以往那些能源转型时却对本次转型的特异性惊叹不已。技术和经济优势推动了早期的转型,而公共政策如今才是最重要的因素。
以往的能源转型都会持续一个世纪或更长时间,而且并未完全取代当时已有的技术。石油在1960年代就已经超越煤炭成为全球最重要的能源,但我们当前使用的煤炭量却是当时的三倍,并在2022年达到历史顶峰。
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