Nearly three months after Russia launched its invasion, Western countries appear more committed than ever to Ukraine’s defense, and, in some quarters, to Russia’s defeat. We asked PS commentators what outcome the West, Russia, and Ukrainians themselves can realistically expect.
巴黎—在北欧,特别是德国,欧洲央行决定采取量化宽松引起了舆论大哗。许多指责毫无根据甚至是无稽之谈。一些人则弄混了情况。也有人过于重视猜测的危险而忽视了实际危险。几乎没有人谈论实际问题,也忽视了潜在解决方案。
从批评看,你也许会认为零通胀是一种幸福。但若果真如此的话,全世界的央行早就将零利率作为它们的目标了。相反,所有央行都将物价稳定定义为较低、稳定但为正的通胀。
这是因为零通胀存在三个巨大的消极作用。首先,它破坏标准货币政策的效果(因为如果利率远低于零,存款人就会将现金从银行中抽出放入保险箱)。其次,它让相对工资(比如制造业相对服务业的工资)更加刚性,因为工资合同常常根据欧元确定。第三,它增加了过去的债务的负担,让解决公私债务危机的过程变得更加痛苦。
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