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.
美聯準(Fed)每月大舉購債800億美元以及其他國家的類似政策取得了什麼效果？通常的答案是，潮水般的廉價資金壓低了安全資產收益率，迫使投資者冒險尋求更高回報。實情並非如此。當央行行長們被迫出臺這種政策的時候，恰恰正是該政策不起作用的時候。
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