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天上掉钱?

东京—世界经济举步维艰。单一货币束缚而非解放了欧元区;日本因为美国货币政策正常化速度放缓而遭受重创;全球新兴市场承受着中国经济管理不善的后果。但不利的全球条件不管多么麻烦,都不应该让央行行长忽视未受过检验的政策的风险——首屈一指的便是目前许多人提出的“直升机撒钱”。

直升机撒钱由弗里德曼(Milton Friedman)在1969年提出,它是弗里德曼思想实验的一部分,而不是一个实际方案。顾名思义,直升机撒钱就是让盘旋在半空中的直升机洒下现金。但直升机撒钱——或者美联储前主席本·伯南克(Ben Bernanke)最近所谓的“货币融资的财政计划”(MFFP)——的含义无非是直接把新创货币分给消费者,比如通过退税手段。

在过去五十年中,央行行长一再将MFFP的使用排除在外。但在当前总需求持续低迷、通胀低于目标和产出增长低迷或消失的情况下,全世界经济学家一直在苦苦寻找神力——其中一些人把目光投向了直升机。

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