从直升机上撒钱的时机到了?

华盛顿——《经济学家》杂志最近询问货币政策决策者,“你们是不是没有弹药了?”斯蒂芬·罗奇形容包括日本、欧洲和瑞典央行在内的各大央行推行负实际利率(某些情况下,甚至是负名义利率)之举为“徒劳无功”,仅仅是“为下一次危机铺平了道路”。而且,在2月召开的20国集团财长会议上,据报道英格兰银行行长马克·卡尼将上述政策称之为“终极零和游戏。”这些一直承担着2008年后维持弱复苏任务的主要发达经济体央行是否真的已经别无选择?

看上去确实如此。央行的资产负债表已经膨胀,而政策利率已经达到“接近零”的下限目标。看似廉价的水在四处流淌,但马儿却不肯喝。因为看不到通胀迹象,而且经济增长依然温和而脆弱,很多人预计全球经济将长期增长缓慢,有些人甚至担心全球衰退将再次爆发。

但决策者们还有一个方案:那就是转向“纯粹的”财政政策,即通过印钞来直接推动政府支出——这就是所谓“从直升机上撒钱战术。”新增货币将绕过金融和企业部门,直接流向最缺水的马:即中低收入消费者。这笔钱可以通过投资就业机会创造和提高生产率的基础设施直接为他们所用。通过为最需要的人提供购买力,公共支出的直接货币融资还将有助于让不平等快速上升的经济体更加包容。

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/gzVf7zC/zh;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now