Stein’s view, expressed in a speech earlier this spring, is that central banks should be less aggressive in their pursuit of full employment in an environment of heightened financial risk. His position is a refutation of former Fed Chairman Alan Greenspan’s doctrine that the central bank should not adjust policy in response to financial-sector excesses, but instead should concentrate on reacting to any problems that subsequently arise.
斯特恩的观点在今年春天早些时候的一次演讲中表露无遗，即在金融风险高企的环境中，央行不应该太积极地追求充分就业目标。他的立场与前美联储主席格林斯潘的教条针锋相对。格林斯潘认为中央银行不应该因为金融部门出现过剩而调整政策，而应该集中于对随后产生的任何问题做出反应。