Have we reached the limits of monetary policy? No. The central banks’ medicine cabinet is still full. Yet using the old treatments more aggressively or using altogether new treatments creates political, financial and economic risks. Worse, such action cannot solve some of the bigger difficulties the high-income economies confront. In an ideal world, therefore, monetary policy, should not remain “the only game in town”, as the title of a book by the economist and investment manager Mohamed El-Erian suggests it now is. Unfortunately, we do not live in an ideal world. In the real world, central banks must remain our doctors of choice.
我们已到达货币政策的极限了吗？没有。中央银行的药箱仍是满满的。不过，更激进地使用旧疗法，或者使用全新疗法，都会产生政治、金融和manbetx20客户端下载 风险。更糟糕的是，这么做无法解决高收入manbetx20客户端下载 体面对的一些更大的难题。因此，在理想世界中，货币政策不应继续是“唯一的选择”（manbetx20客户端下载 学家、投资经理穆罕默德•埃尔-埃利安(Mohamed El-Erian)所著《唯一的选择》(The Only Game in Town)的书名暗示，当前情形恰恰如此）。遗憾的是，我们并非生活在理想的世界里。在现实世界中，央行必须继续充当我们的首选医生。