非标准货币政策的标准

巴黎—世界各大央行纷纷引进了非常规货币政策手段,这已成为全球金融危机的一大烙印。我们已经看到的有强化信贷支持、信贷宽松、量化宽松、干预货币和证券市场、以及提供外币流动性等——这只是其中一小部分。

有些人认为这是另辟蹊径继续实行标准政策。当名义利率已无法进一步削减时,央行使用其他工具决定货币政策立场。它们已经走到了这条路的尽头,因此得鸟枪换炮了:它们扩张自己的资产负债表,注入流动性以影响收益率结构和回报率,从而刺激总需求。但当央行回到老路上来时——也就是说,当它们退出非标准措施时——它们必须原路返回,首先收回非常规政策,然后才能提高利率。

我则有不同看法。假设关键利率根据定期、全面的经济和货币状况评估被设定为认定的合适水平以稳定价格。在标准政策行为中,利率可以显著或不显著地为正、接近于零或设定为零。

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