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财政政策的回归

发自纽约——自2008年全球金融危机以来,货币政策已经在维持总需求,刺激经济增长,防止发达经济体通货紧缩方面承担了太多的负担。就其本身而言,财政政策会受到庞大预算赤字和公共债务膨胀的制肘,许多国家甚至实施紧缩政策来确保债务可持续性。八年过去了,是时候要找人接棒了。

作为刺激经济的唯一手段,中央银行被驱使去采取愈发非常规的货币政策。它们首先将利率削减至零,后来又推出了前进指导,承诺在一段相当长的时期将政策利率政策利率维持在零。

发达国家的中央银行也接二连三地启动量化宽松政策,大量购买长期政府债券以减少其收益率。它们还发起了信贷宽松或私人资产购买以减少私人部门的借贷成本。最近一些货币当局——包括欧洲央行,日本银行以及其它几大欧洲央行——已将利率调为负值。

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