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负利率有什么问题?

纽约—1月初我写道,今年的经济条件和2015年一样疲软,为2008年全球金融危机爆发以来最糟糕的一年。此外,如过去十年中反复发生的,今年过去几个月后,其他人较为乐观的预测纷纷向下修正。

基本问题——这一问题自金融危机以来一直困扰着全球经济,但略有恶化——是全球总需求不足。目前,欧洲央行的反应是实施刺激措施,加入了日本银行和其他 一些央行的行列,证明“零下限”——利率无法为负——只是传统经济学家想象中的极限。

但是,在尝试负利率的非正统实验的经济体中,没有一个回归增长和充分就业。一些经济体的结果出人意料:某些贷款利率实际有所上升。

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