反思货币化戒条

发自伦敦——如今人们已经对美联储“缩减”资产收购计划的步骤进行了充分的讨论,而注意力也将逐渐转向对利率上升的预期方面。但同时又出现了另一个问题:央行们将如何达到一个退出非常规货币政策的最终“出口”,并把在非常规货币政策下过度膨胀的资产负债表恢复到“正常”的水平?

对许多人来说,一个更大的问题必须得到处理。美联储的缩减仅仅是减缓了其资产负债表的增速。如果想回到危机前水平的话,当局还要发行价值3万亿美元的债券。

但一个很少被承认的真相就是各大央行其实无需去缩减自己的资产负债表规模。它们可以长期保持更大的规模;而对一些国家来说,这种长期大规模状况将有助于减轻公共债务负担。

To continue reading, please log in or enter your email address.

To access our archive, please log in or register now and read two articles from our archive every month for free. For unlimited access to our archive, as well as to the unrivaled analysis of PS On Point, subscribe now.

required

By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in

http://prosyn.org/12ZvIab/zh;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.