What has been achieved by the Federal Reserve’s $80bn-a-month bond-buying spree, and similar programmes elsewhere? The usual answer is that a tide of cheap money has brought down yields on safe assets, forcing investors to take risks in search of higher returns. The reality is different. The circumstances that forced central bankers to resort to this policy are the very conditions under which it cannot work.
美联储(Fed)每月大举购债800亿美元以及其他国家的类似政策取得了什么效果？通常的答案是，潮水般的廉价资金压低了安全资产收益率，迫使投资者冒险寻求更高回报。实情并非如此。当央行行长们被迫出台这种政策的时候，恰恰正是该政策不起作用的时候。
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