helicopters John Moore/Getty Images

驳直升机撒钱

慕尼黑—欧洲央行实施扩张性货币政策已经多年,但仍没能让通胀回到其“低于但接近2%”的目标水平。最新措施——对欧洲央行主要再融资操作实施零利率、月度资产购买量从600亿欧元增加到800亿欧元,以及进一步将存款利率下调到-0.4%——也无法改变局面。因此,一些经济学家正在敦促欧洲央行更进一步,采取所谓的“直升机撒钱”——即通过印钞来为私人消费融资。

直升机撒钱的思想可以追溯到20世纪60年代的货币主义争论。该思想认为,央行永远不会计穷于刺激总需求和抬高通胀,只要它愿意采取极端措施。但这个曾经的理论概念现在看上去颇有切实可能性。

在实践中,直升机撒钱的形式将是一次性一家庭为单位支付或全民发放消费券,钱全部由央行出。分配钱的政府或商业银行资获得一笔存款信用或得到一笔现金,但央行资产负债表的资产栏不会出现债权。

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

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/T0mlm2u/zh;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.