Стандарты для нестандартной кредитно-денежной политики

ПАРИЖ. Широкое внедрение нетрадиционных мер кредитно-денежной политики со стороны основных центральных банков стало определяющей характеристикой мирового финансового кризиса. Мы видели расширенную кредитную поддержку, кредитное смягчение, количественное смягчение, интервенции на валютных и фондовых рынках, а также предоставление ликвидности в иностранной валюте – если упомянуть некоторые принятые меры.

Некоторые рассматривают эти меры как продолжение стандартной политики другими средствами. Как только номинальные процентные ставки нельзя больше снизить дальше, центральные банки используют другие инструменты для определения кредитно-денежной политики. Они подошли к концу наезженной дороги, поэтому они переходят на полный привод: они расширяют свои балансы и вливают ликвидность, чтобы повлиять на структуру процентных ставок и прибылей, и, тем самым, стимулировать совокупный спрос. Но когда центральные банки возвращаются на наезженную дорогу ‑ то есть, уходят от нестандартных мер ‑ они должны возвращаться по тому же пути, сначала свернув нетрадиционную политику и только потом повышая процентные ставки.

Позвольте мне предложить другую точку зрения. Скажем, ключевые процентные ставки должны быть установлены на уровне, признанном целесообразным, чтобы сохранить стабильность цен, опираясь на регулярные, комплексные оценки экономических и денежно-кредитных условий. После стандартной практики процентные ставки могут иметь более или менее значительное положительное значение, или очень близкое к нулю, или на уровне нуля.

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