为什么说货币政策被低估了?

东京—上个月——就在欧洲央行宣布有意采取量化宽松政策前几天——我与国际记者、决策者和投资者一起出席了一次日内瓦讨论会。此次讨论与2012年安倍晋三首相采取开创性经济改革战略前的情况极为相似,反映出对非常规货币政策的变革潜力的认识不足。

事实上,在讨论会上,欧洲经济学家和记者——特别是德国人,甚至也有一些英国人——表现得相当轻蔑。“货币政策的力量有限,特别是在利率如此低的情况下,”有人说,“我们不能指望适应性货币政策刺激投资组合的调整,”另一些人说。

这些说法已是耳熟能详——从某种程度上说有些令人惊奇,因为日本正在实施的基于量化宽松的战略让它取得了长足的进步。显然,许多欧洲人不理解所谓的“安倍经济学”的历史与重要性;但若能理解,将有助于他们的货币政策讨论。

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