期刊名称：BULLETIN OF EU AND US INFLATION AND MACROECONOMIC ANALYSIS
出版年度：2008
卷号：160
期号：0
页码：64-67
出版社：Universidad Carlos III de Madrid
摘要：It is by now more than a year that - at the rhythm of financial markets fluctuating frantically whenever central banks make, or fail to make, a move - we spend our time debating about the mounting crisis brought about by the meltdown of the American sup-prime mortgages market. I stand correct: apparently financial markets fluctuate also in the absence of any news about either central banks actions or the bottom line of traded companies. How else to explain the sudden drop of most Asian and European indexes on January 21? Further, but on this point I will come back toward the end, how are we supposed to interpret the very different reactions to the FRS and ECBs moves of the Asian, European, and American stock markets on January 22, 23 and 24 (last date available)? In particular, whos right? Bernanke, with his dramatic cut of 75 basis points before the markets opening on January 22, or Trichet, with his decision of not cutting rates for the time being?
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