US President-elect Joe Biden may have promised a “return to normalcy,” but the truth is that there is no going back. The world is changing in fundamental ways, and the actions the world takes in the next few years will be critical to lay the groundwork for a sustainable, secure, and prosperous future.
For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world’s foremost leaders and thinkers on the issues, events, and forces shaping their lives. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it.
But there is no doubt that we, like so many other media organizations nowadays, are under growing strain. If you are in a position to support us, please subscribe now.
As a subscriber, you will enjoy unlimited access to our On Point suite of long reads and book reviews, Say More contributor interviews, The Year Ahead magazine, the full PS archive, and much more. You will also directly support our mission of delivering the highest-quality commentary on the world's most pressing issues to as wide an audience as possible.
By helping us to build a truly open world of ideas, every PS subscriber makes a real difference. Thank you.
美国剑桥—美国通胀率低是一个谜,特别是对于关注通胀和货币基础变化的关系的经济学家来说。毕竟,在过去,货币基础(流通中货币加上商业银行存在央行的准备金)的增加和减少制造——或至少伴随着——通胀率的上升和下降。此外,由于货币基础由央行直接控制而非由商业银行创造,因此许多人相信它是衡量货币政策影响的最佳指标。
比如,1985—1995年间美国货币基础以每年9%的速度增加,而在此后的十年内放缓至每年6%。这一货币增长的放缓伴随着通货膨胀的下降。消费物价指数(CPI)增长率在1958—1995年间为3.5%,而在随后的十年中下降到2.5%。
但随后货币基础和通货膨胀率之间的联系被切断了。从2005年到2015年,货币基础以17.8%每年的速度增加,而CPI增长年率只有1.9%。
We hope you're enjoying Project Syndicate.
To continue reading, subscribe now.
Subscribe
orRegister for FREE to access two premium articles per month.
Register
Already have an account? Log in