摘要
目前，美国隔夜利率已经降至几十年来的最低点。美国联邦基金利率为1.25%，欧洲央行的主要再融资利率为2.5%。而英格兰银行的回购利率为3.75%，显然，利率正在朝极限值副近。由于名义利率不能低于零，那么一旦利率达到零极限，决策者们会采取什么措施呢？重要的是，若名义利率为零，而此时经济又面临通货紧缩，他们该如何应对呢？
With the US Federal Reserve's federal funds rate at 1.25 per cent, the European Central Bank's main refinancing rate at 2.5 per cent and the Bank of England's repo rate at 3.75 per cent, we are approaching a very clear limit. Unconventional monetary policy seems to become the only choice for monetary authorities. Decision-makers, however, cannot assess appropriately the effectiveness and consequences of the unconventional monetary policy. Hence, in the author's opinion, the unconventional monetary policies are part of the contingency planning. The monetary authorities must spare no effort to make unconventional monetary policy unnecessary. Stephen G. Cecchetti authorizes CHINAMONEY to publish this paper and its translated version.
