5df4050146f86f5010d42e00_pa2502c.jpg Paul Lachine

美联储的重要性接受考验

纽约——

随着利息率接近零,美联储和其他国家央行正奋力保持其重要性。它们箭筒里的最后一支箭是所谓的“量化宽松”(QE)。而结果很可能会是,与美联储在近年来实施的政策一样,此项措施也无法恢复美国的经济。更糟糕的是,QE很可能除了让纳税人花大钱买单外,还会削弱美联储未来几年的效能。

约翰·梅纳德·凯恩斯认为,货币政策在大萧条时期是无效的。与在经济衰退时促进投资相比,央行更善于限制市场在泡沫时期不理性的繁荣——通过限制贷款或者提高利率来控制经济。这就是为什么好的货币政策着力于防止泡沫的增长。

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