QE’s impact hinges on the “three Ts” of monetary policy: transmission (the channels by which monetary policy affects the real economy); traction (the responsiveness of economies to policy actions); and time consistency (the unwavering credibility of the authorities’ promise to reach specified targets like full employment and price stability). Notwithstanding financial markets’ celebration of QE, not to mention the US Federal Reserve’s hearty self-congratulation, an analysis based on the three Ts should give the ECB pause.
量化宽松的影响取决于货币政策的“3T”：传递（transmission，货币政策影响实体经济的渠道）；牵引（traction，经济对货币政策的反应）和时间一致性（time consistency，当局实现充分就业和物价稳定等具体承诺目标的坚定信心）。尽管金融市场欢呼量化宽松的到来，更不用说美联储的踌躇满志，但基于3T的分析表明欧洲央行应该三思而后行。