过时的央行独立性

布宜诺斯艾利斯—全球金融危机引起了人们对央行权威的根本性质疑。在过去几十年中,大部分央行将价格稳定性作为它们的唯一的最高目标。这导致了“通胀目标”作为货币政策框架的支配地位,反过来又形成了央行的操作独立性。这一政策是成功的:严格而精确的单一目标所带来的纪律让决策者得以控制——并征服——通货膨胀。

但是,这一狭隘目标方法的一个后果是决策者无视资产和商品价格泡沫的形成,并忽略由此带来的银行部门不稳定。这本身足以引起对通胀目标总体有效性的反思。此外,金融危机爆发后,央行逐渐被迫偏离通胀目标,实施各种非常规货币政策以减轻崩溃的后果,协助经济复苏。

发达国家挣扎着避免金融崩溃、摆脱衰退、降低失业和重塑增长,有时人们呼吁央行同时纠正日益严重的失衡问题。这让人们寻求彻底修改央行目标,也对维持其独立性的合理性产生了质疑。

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