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美国债务决策渐进

波哥大—美国政府应该通过发行长期债券锁定今天的极低借贷成本吗?这是个困难的决定,但在总体债务水平已经很高的情况下(更不用说入不敷出的退休基金和医疗保险负债了,这两者都有可能继续增加),时机已经到来。

到目前为止,美国财政部和美联储联手压缩了长期政府债务,目的是降低私人部门的利率。事实上,眼下美国债务平均久期(并入美联储资产负债表)不到三年,远低于大部分欧洲国家,即使后者自身央行采取了大规模量化宽松操作。

借贷向短期倾斜,试图以此刺激经济,这一策略到目前为止是有效果的。30年期美国国债利率大约比一年期债务高200个基点,短期借贷也有利于节约政府资金。

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