觀點央行

The era of independent central banks is coming to an end

Whether they like it or not, central bankers are being dragged into the political fray. It is not so much an issue of whether independence is good or bad. Rather, monetary policy itself is no longer a job for technocrats.

Pre-crisis, it was assumed the achievement of price stability would keep everybody happy. Yes, central bankers would have to nudge interest rates in one direction or the other, making some of us better off and others worse off. Across an economic cycle, however, these effects would even out. In that sense, monetary policy could be regarded as politically neutral.

No longer. Since the recession, developed world economies have stagnated and central bankers have had little choice but to keep rates close to zero and to pursue increasingly unconventional monetary policies in the hope that they will trigger a robust recovery.

您已閱讀19%(847字),剩餘81%(3560字)包含更多重要資訊,訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。
設置字型大小×
最小
較小
默認
較大
最大
分享×