貨幣政策

Inflation targets have left central banks in a bind
通膨目標讓央行陷入困境

Monetary policy does not lean against booms but eases aggressively in busts while debt keeps rising inexorably
普倫德:通膨目標讓央行陷入長期的困境,即貨幣政策不是在繁榮時逆風而行,而是在蕭條時大幅放鬆,而債務則繼續無情地上升。

Implausible though it may sound, the collapse of Silicon Valley Bank casts an interesting light on the vexed question of whether central bank inflation targets should be raised to reduce the risk that overtight monetary policy will precipitate a recession. This is because SVB, however inept its risk management and investment judgment, was ultimately a victim of the US Federal Reserve’s monetary policy regime.

矽谷銀行(Silicon Valley Bank)的倒閉雖然聽起來令人難以置信,但它以一種有趣的方式讓我們看到了一個棘手的問題:央行是否應該提高通膨目標,以降低過度收緊的貨幣政策引發衰退的風險。

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