What is the right course for monetary policy? The International Monetary Fund seems to answer with forked tongue. Its latest World Economic Outlook urges that monetary policy should stay loose to stimulate growth. Yet its Global Financial Stability Review warns that loose monetary policy risks creating financial instability, which could crimp growth. In fact the best policy is to print money and raise interest rates. That sounds contradictory, but it is not.
货币政策的正确路线是什么?国际货币基金组织(IMF)似乎给出了自相矛盾的回答。IMF在其最新《世界manbetx20客户端下载 展望》(World Economic Outlook)中呼吁保持宽松货币政策以刺激增长,但在其《manbetx app苹果 金融稳定报告》(Global Financial Stability Report)中又警告宽松货币政策有可能导致金融不稳定、进而阻碍增长。实际上,最好的政策是印钞并提高利率。这听起来相互矛盾,其实不然。