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Home improvements 房市发展近况 Policymakers are experimenting with ways to stop a property boom为阻止房市泡沫，决策者躬亲试“法”May 6th 2010 | From The Economist print editionIN AMERICA policymakers are too busy coping with the aftermath of the last housing bubble to worry about preventing the next one. But elsewhere in the world, things are different. In China’s cities, house prices rose by 11.7% in the year to March, according to official estimates, and by much more, according to unofficial ones. That is one reason why the central bank raised reserve requirements (the share of deposits banks must keep in their vaults) on May 2nd for the third time this year. In Canada, the Canadian Real Estate Association calculates that homes were worth 17.6% more in March than a year earlier, taking them well above their pre-crisis peak. And down under home values only seem to go up, rising by 20% in Australia’s eight state capitals in the first three months of this year, compared with a year earlier.当美国决策者忙着应付上一次房产泡沫的余波，而无暇顾及下一次泡沫的预防时，有些其他国家却面临着别的问题。官方数据表示，截止今年三月份，中国城市房价上涨11.7%，更有非官方数据显示涨幅远不止如此。5月2日，中国中央银行于本年内第三次提高最低准备金要求，目的之一正是遏制房价疯长。据加拿大房地产协会计算表示，今年三月份，该国房价比去年同期上涨17.6%，远远超过了金融危机前的最高房价。澳洲房价亦只是上涨。今年第一季度，澳大利亚的八大国有资产中，房价与去年同期相比增长了20%。How should policymakers respond? In a December speech, Adam Posen, an economist who sits on the Bank of England’s rate-setting committee, complained that policymakers need a bigger toolkit. Before the crisis many central bankers believed that all they needed was a “hammer” (interest rates) to strike a “monetary nail” (consumer-price inflation). But not every problem is a nail. Policymakers also need a full set of “macroprudential” tools, from wrenches to duct tape.各国决策者该如何处理房价问题？去年12月，作为英格兰银行利率制定委员会列席经济师的亚当?波森（Adam Posen），在一次演讲中抱怨决策者需要一批更为齐全广泛的调控工具。此次金融危机爆发之前，许多国家的中央银行的工作仅是挥动利率这把“铁锤”， 打击消费物价通胀这一货币政策的钉子。然而，并非所有问题都如钉子一般通过铁锤打击便能解决。因此，决策者需要谨慎地准备一套更为齐全的宏观调控工具，从扳手到防水胶带，一应俱全才行。To fix housing bubbles, Mr Posen suggests, policymakers should consider a tax on real estat