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Central Bank or Monetary Authority? Three Views on Money and Monetary Reform

机译:中央银行还是金融管理局?货币与货币改革三论

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摘要

The global financial crisis triggered profound changes in the conduct of monetary policy, with ultra-low interest rates and asset purchases becoming the main policy tools. This represents a major shift towards interventionism that even ten years after the global financial crisis has not been reversed. In this article, I assess three views on money and monetary reform. I argue that a central bank regime with a narrow focus on refinancing property at market interest rates remains an attractive alternative to the current regime and provides an essential benchmark to assess the progress of monetary normalisation.
机译:全球金融危机引发了货币政策行为的深刻变化,超低利率和资产购买成为主要的政策工具。这代表着向干预主义的重大转变,即使在全球金融危机爆发十年之后,这一趋势也没有得到扭转。在本文中,我评估了关于货币和货币改革的三种观点。我认为,一个只关注市场利率的房地产再融资的中央银行体制仍然是当前体制的一个有吸引力的替代方案,并且为评估货币标准化进程提供了重要的基准。

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