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.
美聯準(Fed)正在準備退出債券購買計劃，於是許多人在問，如何使這家央行的資產負債表迴歸「正常」——即迴歸危機之前的規模和結構？其他央行也在進行相同的討論。央行應當賣掉債券，還是持有債券直至到期？另外，如果打算出售，那麼先出售哪類證券？然而，有個問題同等重要卻鮮有人問起：使央行資產負債表迴歸「正常」是理智的嗎？我們有充分的理由不這麼做。
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