129771807868999810_101You are here: Home > source of wealth: date: March 23, 12 author: Wu Yuqi font size: big near the White House, a political center of the world, built in 1821, George Washington University by virtue of geographical location can often provide students with manyValuable opportunities to enrich their life experiences.
The Federal Reserve Chairman Ben Bernanke (Ben-Bernanke) to return to school, George Washington University, "reflections on the Federal Reserve and its position in today's economic environment," the subjects taught, is the school provided one of the rare opportunities. As one of the schools of the schoolTwo students, I have the honour to become the participants of this special elective courses, direct exchange and the center of the Federal Reserve.
Although this 1.5 credits of elective courses from March 20, only lasted as little as 6 weeks, but selection of elective student places have started as early as February, visible school degree of importance to this course. Each candidate is required to submit aResume and an essay describing your understanding of the Federal Reserve, the concerns of, and this course will have what effect on their future careers. I was the only Chinese in class of 80 students participating in the election, only 30 people visit the classroom seats. Many of them were experienced from various colleges andJunior senior student scholarship.
I a few college students who were lucky enough to be left, and only a native Chinese. However this is not the end of fierce competition, and is just the beginning. In order to fully prepare, every student needs within a week after reading about the Fed's history, development, structure, key policies as well as external criticismMore than 20 papers and articles. Special media were also invited Professor school teacher basic skills of our response to the media, such as real eye contact as much as possible reflect the students up at George Washington University. Teachers also lists the media you may encounter some problems, such as looking forward to Chairman Bernanke talk, why apply for this course as an elective, Easy for us to go back to prepare in advance.
Can be said to be comprehensive, made full preparations. Whereas previously had no chance
tera power leveling, and Chairman Bernanke in close contact, but his name I had heard of. In addition to know he is the United States economy outside of important figures, I've ever read on big while taking economics he wrote principles of macroeconomics, think he is economicField of knowledge is profound. At the same time, I very much appreciate the different style during his term.
In order to stimulate economic recovery, Bernanke Chairman advocates take non-traditional to increase the economy's easing of monetary policy, for example
tera power leveling, a large number of buying mortgage-backed securities to lower financing rates. Some about Bernanke's policy, policySceptical about the effectiveness of a minority. I applied for the course of participating in the election one of the important reasons is to listen to what Bernanke himself on his non-traditional monetary policy supported by unique insight, and how he will deal with and avoid the negative effects of these policies. For example, how to avoid long-term financing low interest rates brought about by the potential danger of inflation? How to deal with the FedThrough the discount window borrowing from the Bank bad debt encountered in? As one of only a few international students, I am also concerned about Bernanke's monetary policy impact on Sino-US trade relations. As the Government taking binding exchange rate with the US dollar, the dollar's continued will increase China's inflation at the same time seriously affect China's exports to the United States, China tradeSurplus. How to deal with the Chinese Government the dollar devaluation of the fair price trends? Is to change the exchange rate system?
Or to United States terminated its loose monetary policy, maintaining stability in the dollar exchange rate and ensure that its sovereign debt prestige? Although the courses have independent thinking on these issues before, and have a certain understanding of the Federal Reserve, first class of the day there is not aSome tension.
After all, in a special section of class, sitting around are all masters in school, so was worried about being a college student I will because there is no sufficient theoretical knowledge and keep up with the rhythm of the class. Security Media specialising in addition strictly in the classroom, although already know media present, but the scene of pomp letI have some accidents. In order to facilitate the work of all its prepared, we were asked to 45 minutes earlier arrived in the classroom.
Outside the building, already ready satellite trucks came into sight. Before into the classroom, each student has to produce relevant documents, carry each proprietary brand, and security of electronic devices. Several well-built Guard keepsHovering in front of the pull up the warning level in the classroom, to ensure absolute security. In the classroom, all put to a variety of different cameras, and kept out of the media with a professional camera. This is not such a big classroom, the media and schools already took up half the seats, but they also are front row of seats reserved for our most excellentAnd "student" identification of marked. When you select a seat, or sit uncouthly on the order of, we can freely determine, without any additional requirements. Prepare in advance so full and exhaustive, increases I expect Chairman Bernanke came through that into the classroom, and I add a few minutes stress, but those anxieties are soon as Bernanke primaryI and our communications and faded away. He is in a formal, very simple, looks and usually give us a lecture as Professor at the University.
Maybe because has many years experience of teaching at Princeton University, he maintained the peace in the teaching process of speed, very confident and very relaxed. Unlike most government officialsSerious image
tera gold, Chairman Bernanke is very good at active classroom atmosphere. Such as in the interpretation of the financial panic for the moment, he image gives a black and white film from 1946 James-in the life much better examples of the banker played by Stewart faced bankruptcy. Then he students ask: "how many of you have seen this film? "See allNot have raised their hands to indicate the age of the work, he said with humor: "so now everybody loves to watch Christmas movies as before.
"We have a burst of laughter. Ben Bernanke first lesson: talking about the history and mission of the Federal Reserve on the first lesson, focuses on the origins of the Fed's Bernanke and the main role, and its pastOn the economic crisis, such as the 1929 United States main control means in the great depression.
I was most impressed with was his discussion and evaluation of the gold standard. Chairman Bernanke pointed out that the gold standard's biggest advantage is also its biggest disadvantage. Under the gold standard, currency values directly measured in gold, monetary supply and demandConsistent, so as to limit the Central Bank interference in the economy, maintain economic stability. However, because the money supply full gold output restrictions, making it unable to adapt to the rapid changes and growth in the economy. Second, the command of gold is not uniform around the world, discovery of new gold deposits will cause great fluctuations in currency value. Third, due to the exchange rates among the StatesStability, as when a State deficit, financial problems are easily spread large area to other countries using the gold standard.
This explains why the gold standard collapse. Finally, he mentioned in particular the system of China's fixed exchange rate of the US dollar policy, as an extension of the gold standard in real life. Same is a fixed exchange rate, Bernanke from a relatively critical anglePoints out that China's fixed exchange rate of the US dollar are likely in the United States financing rates are continuing to fall in China in the context of synchronous decline in interest rates, triggering inflation, the impact on China's economic development. He also agreed to a student's question. These vast, from how to use monetary policy to prevent similar to the economic crisis of the great depression, the CentralBank measures to cooperate in response to the global economic downturn. Sitting behind me who Jonathan-Cohen (Jonathan-Cohen) for 1933-1937 students United States economy in the great depression briefly questioned the recovery of the original environment. Bernanke pointed out that 1933-1937 's economic stability is due whenWhen President $-Franklin Roosevelt in 1933 to abolition of the gold standard, money supply growth, which stopped deflation. But then a lot of people are advocating "Cancel" (Liquidationist Theory) theory, think depression in 1920, overheating of the natural and necessaryCorrection measures.
Pressure under the action of President Roosevelt in a premature monetary tightening, avoid inflation while preventing fiscal deficit widened, thus changing the form of economic recovery, and directly led to the 1937 again after years of economic recession. I think that the problem of today's United States the economic reality of the situation is very importantRighteousness. After lower-than-expected economic growth in the second quarter of last year, discussion back at the end of this year and it had a stable trend, short-term economic recovery and 1933-1937 very much alike.
On what monetary policy the Fed will take, all sectors of the community are very concerned about, and the dispute continued. Chairman Bernanke first lesson the amount is large, although the pace faster, butWith such a pivotal figure in the world economic system for face-to-face exchanges, gain access to development and mission of the Fed's most authoritative and comprehensive understanding of the other classmates and I felt very enormously.
Chairman Bernanke is easy and sometimes humorous teaching style also reduces our fears in a few minutes. In the next section talks Thursday in, The Fed Chairman Bernanke will be made after the second world war and in-depth discussion of the students. I hope this time I can adjust your attitude, highly nervous state out of the first class, like the other United States students bravely asked a few meaningful questions in class!
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