Dancer on stilts Sia-Kambou/Stringer/Getty Images

高跷上的非常规货币政策

纽约—2008年金融危机以来,大部分发达经济体复苏无力,它们的央行被迫从常规货币政策——通过公开市场购买短期政府债券降低政策利率——转向各种非常规政策。尽管名义利率已经到达零区间——此前这只是一种理论可能——并实施了零利率政策(ZIRP),但增长依然无力。因此,央行采取了一些十年前尚不再其工具箱中的措施。现在,它们也需要再次祭出这些工具。

非常规手段清单很长。有量化宽松(QE),即在短期利率已经为零的情况下购买长期政府债券。与它搭配实施的有信用宽松(CE),其形式为央行购买私人或准私人资产——如按揭和其他抵押证券、有担保债券、公司债券、房地产信托基金甚至通过交易所交易基金购买股票。其目的是降低私人信用利差(期限相近的私人资产和政府债券之间的收益率之差)并直接或间接地提振股票和房地产等风险资产的价格。

还有“前瞻指引”(FG),即承诺保持零利率政策直到经济基本面恢复之后,从而进一步降低较短期利率。比如,承诺保持零政策利率(比如)三年意味着期限三年以下的证券的利率应该也降低到零,因为中期利率是基于未来三年的短期利率的预期决定的。最后,还有无冲销货币市场干预以实现货币贬值从而提振出口。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/0TokAuu/zh;

Handpicked to read next

  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now