"Deconstructing the Central Banking Imperative: Towards a Theoretical Architecture of Monetary Hydrodynamics
解剖中央银行的现实意义，构建流体力学货币政策理论体系
Based on the history and reality of the development and transformation of central banks and monetary policy operations, and continuing the theoretical understanding of the monetary cycle, this volume constructs a fluid dynamics monetary policy theoretical system, proposing three new perspectives for understanding monetary policy and the functions of central banks: the time value of money is the entire focus of central banks; Secondly, the monetary policy based on decentralized decision-making in the economic and social order is a special policy system based on ""micro decision-making macro response"", with much lower degrees of freedom than almost all other policies; Thirdly, monetary policy is essentially a fluid dynamics system that is subject to both internal friction and external pressure, and the expected effects are often more uncertain compared to other policy effects. Based on the analytical framework of this book, it proposes and proves theorems such as internal friction in the transmission of monetary policy, mutual SPV between money and finance, embedded macroprudential management in monetary policy, and super neutrality of money, and asset prices are only a layer of monetary veil.
基于中央银行的发展变革与货币政策操作的历史和现实，延续卷货币循环的理论认识，本卷构建了一个流体力学货币政策理论体系，提出三个认识货币政策和中央银行职能的全新视角：，货币的时间价值是中央银行关注的全部内容；第二，基于分散化决策的经济社会秩序的货币政策，其作为政
