NEW YORK – Monetary policy has become increasingly unconventional in the last six years, with central banks implementing zero-interest-rate policies, quantitative easing, credit easing, forward guidance, and unlimited exchange-rate intervention. But now we have come to the most unconventional policy tool of them all: negative nominal interest rates.
纽约—在过去六年中，货币政策越来越不“常规”，央行纷纷实施零利率政策、量化宽松、信用宽松、前瞻指引和无限制汇率干预。但如今我们迎来了其中最不常规的政策：负名义利率。