Một vài suy nghĩ sau khi đọc những chính sách phi truyền thống của ngân hàng trung ương

Xem bài: Central banks: Crazy Aunt on the loose

+ The balance-sheets of all four institutions have ballooned as they expand the volume and range of assets and loans they hold (see charts) ?? Is increasing the balance-sheet a monetary tool? How effective ?

+ Central banks have never been comfortable with unconventional monetary policies such as verbal interest-rate commitments and quantitative easing (QE), the purchase of assets by printing money ?? Impacts of such policies in comparison with the conventional ones?

+ How long could she (crazy aunt- unconvetional policies) stay out?

+Reducing interest rate to near zero and then asset purchases would be the next logical step. The question is: which assets? Mr Blinder notes QE can work by narrowing the spread between long-term and short-term rates or between private and government rates. The first is best conducted by purchasing government debt, the second by purchasing private debt. (The Bank of England has stuck firmly to the first route, leaving it to the Treasury to extend credit to the private sector. The Fed has done a bit of both by purchasing federally-backed mortgage bonds as well as Treasuries, but avoided purchases of private assets because of legal and political constraints.)

+Although expanded purchases of peripheral government bonds would be more effective, Ms Bartsch therefore reckons the bank is likely first to conduct QE through expanded purchases of private debt such as bank and corporate bonds (difference if conducting QE through expanded purchases of government debt)

Những câu hỏi  trên đây có thể là “những câu hỏi nghiên cứu” đối với một đề tài thạc sỹ hoặc là ý tưởng cho nghiên cứu tiến sỹ


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