Coins.

错误的央行战争

北京—在一个没有通胀的世界以通胀目标为核心,这让央行迷失了方向。基准利率被锁定在骇人听闻的零区间,货币政策已经从物价稳定的代表转变成金融动荡的发动机。我们急需新的方针。

美联储是这一政策两难的写照。9月,美联储公开市场委员会决定再次推迟人们翘首以待的货币政策正常化,而如今,其中的通胀鸽派仍在公开呼吁再次推迟。

对通胀目标孜孜以求的人来说,这一目标是无可挑剔的。标题消费物价指数(CPI)接近于零,“核心”或基础通胀——美联储最喜欢用的指标——仍显著低于堪称神圣的2%的目标。长期萎靡不振的复苏眼看就要再次夭折,鸽派认为没有理由急于提高利率。

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