As leaders gathered last week for the annual Jackson Hole symposium on the economy, they should consider the future of the Federal Reserve as lender of last resort. Over many decades and especially in this financial crisis, the Fed has used its balance sheet to be a classic lender of last resort. But its ability to do so depends upon its economic credibility and political independence, attributes the Fed has compromised in this crisis.
領導人們上周參加一年一度的杰克遜霍爾經濟研討會(Jackson Hole Symposium)時，應該考慮一下美聯儲(Fed)作為最后貨款人的未來。在數十年的時間里，尤其是在此次金融危機中，美聯儲一直在用自己的資產負債表，承擔著典型的最后貸款人角色。但它之所以能這做，依靠的是自身的經濟信譽和政治獨立性，但在這場危機中美聯儲已經損害了這些特質。
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