专栏货币政策

Inflation targets have left central banks in a bind
通胀目标让央行陷入困境

Monetary policy does not lean against booms but eases aggressively in busts while debt keeps rising inexorably
普伦德:通胀目标让央行陷入长期的困境,即货币政策不是在繁荣时逆风而行,而是在萧条时大幅放松,而债务则继续无情地上升。

Implausible though it may sound, the collapse of Silicon Valley Bank casts an interesting light on the vexed question of whether central bank inflation targets should be raised to reduce the risk that overtight monetary policy will precipitate a recession. This is because SVB, however inept its risk management and investment judgment, was ultimately a victim of the US Federal Reserve’s monetary policy regime.

硅谷银行(Silicon Valley Bank)的倒闭虽然听起来令人难以置信,但它以一种有趣的方式让我们看到了一个棘手的问题:央行是否应该提高通胀目标,以降低过度收紧的货币政策引发衰退的风险。

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