With the US Federal Reserve on its way to bringing its bond-buying programme to an end, many are asking how to return the central bank’s balance sheet to “normal” – that is, to its pre-crisis size and composition. The same debate is under way at other central banks. Should they sell their bonds, or hold on to them until they mature? And if they are going to sell, which securities should go first? Yet there is another question that is equally important but seldom asked: is it sensible to return central banks’ balance sheets to “normal”? There are good reasons not to.
美联储(Fed)正在准备退出债券购买计划，于是许多人在问，如何使这家央行的资产负债表回归“正常”——即回归危机之前的规模和结构？其他央行也在进行相同的讨论。央行应当卖掉债券，还是持有债券直至到期？另外，如果打算出售，那么先出售哪类证券？然而，有个问题同等重要却鲜有人问起：使央行资产负债表回归“正常”是理智的吗？我们有充分的理由不这么做。
您已阅读13%（741字），剩余87%（5051字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。