MONETARY POLICY RELIEF FINALLY ADDING GROWTH

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MONETARY POLICY RELIEF FINALLY ADDING GROWTH

机译：货币政策最终实现增长

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The federal reserve is ending its policy known as quantitative easing by tapering its bond purchases and the buildup of idle bank reserves. This is already helping bank lending. The prospect of a further gradual normalization of Fed policy should lift economic growth above its devastating "new normal"-the slow GDP growth and high unemployment that have prevailed since 2008. The conventional view was that the Fed could be stimulative by buying bonds, setting interest rates near zero and adding massive bank reserves. Financial markets advertised the policy as "easy money," but none of the channels worked. Instead, growth in GDP, wages, jobs, credit, the M2 money supply, bank lending and bank deposits were all notably weak, causing a grinding multiyear decline in middle-class living standards.

机译：美联储正在通过缩减债券购买和增加闲置银行储备来结束其被称为量化宽松的政策。这已经在帮助银行放贷。美联储政策进一步逐步正常化的前景应将经济增长提升至其毁灭性的“新常态”之上，这是自2008年以来普遍存在的GDP缓慢增长和高失业率。传统观点认为，美联储可以通过购买债券来刺激经济。利率接近零，并增加了大量的银行储备。金融市场宣传该政策为“轻松赚钱”，但所有渠道均无效。相反，GDP，工资，工作，信贷，M2货币供应量，银行贷款和银行存款的增长均显着疲软，导致中产阶级生活水平连续多年下降。

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《Forbes》 |2014年第6期|36-36|共1页
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收录信息美国《科学引文索引》(SCI);
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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

MONETARY POLICY RELIEF FINALLY ADDING GROWTH

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