货币政策

HIGHER INTEREST RATES
Lex专栏:该不该加息


上世纪90年代的例子表明,如果利率真的上调,可能引发一轮大规模的债券抛售,货币刺激政策创造的流动性可能再次蒸发。

The past year has seen an unprecedented monetary stimulus unleashed on the world – although it is not quite true that we have never been here before. In 1990, in response to the savings and loan crisis, Alan Greenspan cut rates, committed to keeping them low, and freely supplied funds to US banks. Such policies are common to today's quantitative easing programs – although, as Andrew Hunt Economics notes, they were not called QE at the time. It was, perhaps, half QE.

过去一年,空前的货币刺激在manbetx app苹果 范围内释放,不过,“空前”一词并不准确。1990年,为了应对储蓄和贷款危机,艾伦•格林斯潘(Alan Greenspan)曾推出降息举措,并承诺将利率维持在低位,同时慷慨地为美国银行提供资金。这些政策与今天的定量宽松计划有共通之处。不过,正如Andrew Hunt Economics所指出的那样,当时它们还不叫定量宽松,或许只能算是“半定量宽松”。

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