告别通胀目标?

纽波特海滩——在12月中旬的四天内,三项看似无关的进展表明现代央行正在发生历史性的变化。变化的影响远远超出了学术和政策领域。假使这种变化成为趋势——现在看来这种可能性很大——必将影响到经济表现、市场运作和资产估价。

这三项进展始于12月12日的美国,由伯南克领导的美联储宣布将采取比2013年拟定市场证券采购量翻番更有力的措施来刺激经济。美联储还明确表示只要通胀率控制在2.5%或以下,就将在美国失业率大幅降至6.5%以前持续刺激经济。

多数分析家认为美联储公告的新奇之处是明确界定了量化政策的阈值,并由此指明了货币政策的未来走向。但我在解读美联储公告内容(以及伯南克在随后新闻发布会上的讲话)后认为这绝非美联储政策的全部创新之处。

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