ECB protests Daniel Roland/Stringer via Getty Images

不羁的央行行长?

布拉格—最近,一边倒地批评发达国家央行风靡一时。主要攻击点大致如下:2008年以来,货币决策者太活跃了,他们的权限扩张太快,正在危害经济。这一说法——很奇怪,它们在理应不可协调的意识形态阵营之间,比如自由主义者和新马克思主义者,同样流行——大错特错。

批评者没能理解,现代央行不仅要负责遏制通胀,还要负责维持长期物价稳定。物价水平好比人的体温,可以在不过高和不过低的范围内波动而不引起严重的症候。在打击因需求疲软引起的通缩和遏制受需求过强推动的高通胀时,央行必须同样“积极”。

尽管战斗完全是对称的,但公众对此的评估却莫名其妙地严重偏颇,特别是人民在财务上十分保守的国家。这其中包括我的祖国捷克。捷克储蓄者储蓄规模很小,贷款-存款比仍远低于100%。捷克人担心通货膨胀,即使捷克通胀率去年达到了13年来的低点,并且自2013年以来我担任副行长的捷克国民银行一直在致力于消除通缩风险。

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