Euro statue Adam Berry | getty images


发自蒂尔堡——欧洲中央银行又故伎重施了。在其最近在法兰克福举行的会议上,欧洲央行理事会决定进一步增加债券采购规模,将额度由每月600 亿欧元(折合670 亿美元)提升到800 亿欧元,而且还可以购买公司债券。存款利率也再次降低,目前为-0.4%。这是可远远算不上是一个中性的政策——也令欧洲央行大幅逾越了其维持货币稳定的职权范围。

最近这一系列政策举措背后的动机相当明确 ︰ 欧洲央行主席马里奥·德拉吉(Mario Draghi)致力于抑制严重威胁经济增长的通货紧缩状况。因为在通货紧缩的环境中偿付债务愈发艰难,所以企业会倾向于推迟投资。最近欧盟统计局的数据显示,上个月的年度消费者价格指数下降了 0.2%,引发外界高度关注。

但虽然当前情况属于技术性通货紧缩——也就是,持续的价格水平下降,并可能在就业或其他合同上体现出来——但并非结构性通缩。相反,它很大程度上反映了自2014 年6月以来下跌了 70%以上的低油价影响。事实上,如果剔除能源和食品价格,欧元区现正处于结构性低通胀的状况。这与石油价格相结合应该在实际上有益于经济,因为它大幅推动了消费和投资。

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.


Log in;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.

    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?

    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  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