Mario Draghi ECB/Flickr

量化宽松安慰剂

布鲁塞尔—自欧洲央行宣布将购买1.1万亿欧元欧元区债券以来已经过去了近半年。1月份,当欧洲央行第一次宣布所谓的“扩大资产购买计划”时,它强调这只是扩大已有的计划——在此之前,它一直在小量购买私人部门债券——将政府债券也包括进来。但这一持续性的姿态只是一个姿态。

在现实中,通过购买大量政府债券,欧洲央行已经跨越了楚河汉界;毕竟,它被明令禁止为政府融资。欧洲央行的辩词是,该计划是让通货膨胀接近其2%左右的目标的唯一办法。此外,欧洲央行还指出,这只是效仿其他主要央行的做法,包括英格兰银行、日本银行以及(特别是)美联储,其中后者的量化宽松计划在2008—2012年间购买了价值超过2万亿美元的长期证券。

抛却不确定性不谈,欧洲央行采取量化宽松的决定是否有道理,最终取决于它的影响。但是,六个月过去了,其影响仍难以评估。

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