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LOWER INFLATION: ANOTHER CHANCE FOR GOVERNMENT MISTAKES

机译:较低的通货膨胀:政府错误的另一种机会

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摘要

World inflation is falling, along with oil prices. This shouldn't have caught financial markets by surprise, since private-sector credit growth remains very slow. As discussed in past columns, the Federal Reserve is creating IOUs called bank reserves but is not fostering new money in the private sector or adding to inflation. The slowdown in inflation and the decline in oil prices are part of the same phenomenon: a limited amount of private-sector money chasing a plentiful global supply of goods and services. Lower oil prices and the stronger dollar would normally be a lopsided positive for the U.S. economy, as they were in the 1990s. However, under current circumstances the benefits are muted because the U.S. has been producing more oil and the Fed has already forced interest rates and bond yields to very low levels.
机译:世界通货膨胀率随着油价而下降。由于私人部门的信贷增长仍然非常缓慢,这本来不会让金融市场感到惊讶。正如过去专栏中所讨论的那样,美联储正在创建称为银行准备金的借条,但并未在私营部门培育新资金或加剧通货膨胀。通货膨胀的放缓和油价的下跌是同一现象的一部分:有限的私营部门资金追逐了大量的全球商品和服务供应。像1990年代那样,较低的油价和强势的美元通常对美国经济是不利的正面影响。但是,在目前的情况下,由于美国一直在生产更多的石油,而美联储已经将利率和债券收益率推低到非常低的水平,因此收益受到了抑制。

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  • 来源
    《Forbes》 |2015年第2期|36-36|共1页
  • 作者

    DAVID MALPASS;

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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