通往增长致“负”之路?

纽约—在过去六年中,货币政策越来越不“常规”,央行纷纷实施零利率政策、量化宽松、信用宽松、前瞻指引和无限制汇率干预。但如今我们迎来了其中最不常规的政策:负名义利率。

目前,欧元区、瑞士、丹麦和瑞典都实施了负名义利率。并且不但短期政策利率名义值为负:欧洲和日本大约有3万亿美元、期限长达十年的资产(如瑞士政府债券)如今的利率为负。

乍一看,这显得十分奇怪:为何会有人愿意以负名义利率贷款?他们持有现金就可以不损失名义值。

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