What is the right course for monetary policy? The International Monetary Fund seems to answer with forked tongue. Its latest World Economic Outlook urges that monetary policy should stay loose to stimulate growth. Yet its Global Financial Stability Review warns that loose monetary policy risks creating financial instability, which could crimp growth. In fact the best policy is to print money and raise interest rates. That sounds contradictory, but it is not.
貨幣政策的正確路線是什麼？國際貨幣基金組織(IMF)似乎給出了自相矛盾的回答。IMF在其最新《世界經濟展望》(World Economic Outlook)中呼籲保持寬鬆貨幣政策以刺激成長，但在其《全球金融穩定報告》(Global Financial Stability Report)中又警告寬鬆貨幣政策有可能導致金融不穩定、進而阻礙成長。實際上，最好的政策是印鈔並提高利率。這聽起來相互矛盾，其實不然。
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