Paul Lachine

美国通胀为何这么低?

美国剑桥—为何量化宽松和物价稳定可以在美国和平共处?或者像我经常听说的那样,“为什么美联储印了那么多钱,都没有造成通胀抬头?”

通胀确实十分低。在过去五年中,消费物价指数年增长率只有1.5%。美联储更喜欢的通胀指标——剔除了食品和能源的个人消费支出物价指数——增长率也只有1.5%。

与此形成对比的是,在此期间,美联储买入长期债券的操作手笔之大前所未有。美联储买入了超过2万亿美元的美国国债和按揭抵押证券,是上一个十年年平均债券购买量的近十倍。去年一年,美联储资产负债表上的债券存量就上升了20%多。

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