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。

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