货币政策新挑战：央行之馈能否重来？

Central Banks: Will the Gift Keep on Giving?

发达经济体的货币政策推动了全球经济增长和资产价格的上涨。在金融危机期间及此后,西方央行行长们表现出令人钦佩的务实激进主义。但货币政策并不是万能的,另一场全球衰退将给政策制定者带来更严峻的考验。

Monetary policy has delivered global growth and booming asset prices. During the financial crisis and its aftermath, central bankers demonstrated admirable pragmatic radicalism. But monetary policy is not a cure-all, and another global downturn will present an even tougher test for policymakers.