In the good old days when economies were growing close to trend, monetary policy was about setting interest rates. Nowadays it is a complex mix of quantitative easing, credit easing, liquidity provision, prudential controls and debt management. With economies stagnant and interest rates near zero, central banks are trying other ways to induce banks to lend and companies to borrow. As a practical matter, promoting financial stability and restarting growth are the priorities, rather than inflation control. This creates two major problems.
在旧日的好时光，各国manbetx20客户端下载 以接近趋势水平的速度增长，央行货币政策的内容就是设定利率。而如今，货币政策已成为一个包含量化宽松、放松信贷、提供流动性、审慎控制和债务管理等多项内容的复杂组合。随着各国manbetx20客户端下载 陷入停滞，利率接近于零，央行开始尝试以其他途径引导银行放贷、鼓励企业贷款。一个实际情况是，维护金融稳定、使manbetx20客户端下载 恢复增长取代了通胀控制，成为央行的优先目标。这就造成了两大问题。