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绝望的央行行长们

纽黑文—夏天的最后一天开启了世界两大主要央行——美联储和日本银行的又一个徒劳的决策季。美联储什么都没做,而这正是问题所在。而日本银行的炼金术师们在无效的非常规政策上越走越远。

美联储和日本银行所追求的策略都大大偏离了人们信任它们去管理的经济。此外,它们的最新动作更深一步地坐实了货币政策、金融市场和依赖资产的经济之间的日益狡猾的传递机制。该方针导致了2008—2009年的大崩盘,很有可能也为几年后的又一场危机奠定了基础。

十年来,央行行长的武器库里添加了不少新的强大工具,关于这些工具的效果的争论遮掩了经济增长萎靡的严峻现实。日本是明显的例子。其经济在过去四分之一个世纪中增长率一直处于1%的增长轨迹中,对一再实施的反常货币政策都没有什么反应。

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