觀點貨幣政策

Central bankers must explain the benefits of negative rates
央行需要解釋負利率的好處


尤尼烏斯:各國央行需要說老實話,坦承商業銀行將負利率傳遞給客戶是正確做法,因爲實行負利率的本意就是希望家庭少存錢、多消費。

Policy rates of less than zero seem to work more smoothly than many had feared. Even in countries such as Switzerland — where the benchmark deposit rate is minus 0.75 per cent — rates remain more than the much-discussed “lower bound”, below which their economic disadvantages start to outweigh their advantages.

低於0的政策利率似乎運行順利,好於許多人曾經擔憂的情況。就連在瑞士這樣的國家——該國的基準存款利率爲-0.75%——利率仍保持在廣泛討論的「下限」(如果利率低於「下限」,其經濟弊端將開始超過益處)以上。

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