货币政策

Forget about inflation targeting – try ‘positive ambiguity’
不要“死”盯通胀目标


汇丰首席manbetx20客户端下载 学家简世勋:金融危机证明,央行刻板地盯住通胀目标是有害的。相反,货币政策必须把握一系列可能彼此冲突的目标,运用“积极模糊”的战略。

If anything has survived the global financial crisis, it is inflation targeting. This is odd. After all, pre-crisis, many economists and policy makers in developed markets enthusiastically embraced the “Great Moderation” – the idea that wise monetary policies had not only helped bring inflation to heel but also, as a result, delivered more stable economic activity. “No more boom and bust” was not the boast of politicians alone: it became a core belief of the economics establishment.

如果说什么东西挺过了manbetx app苹果 金融危机,那就是通胀目标制。这很奇怪。毕竟,危机之前,发达市场的许多manbetx20客户端下载 学家和政策制定者曾热情地拥抱“大缓和”(Great Moderation)——这个理念是指,明智的货币政策不但有助于把通胀率保持在低水平,而且由此带来更加稳定的manbetx20客户端下载 活动。“不再出现大繁荣和崩盘的交替”当时不仅是政客们的吹嘘,它也成了manbetx20客户端下载 学体制内人士的一个核心信念。

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