Start with the question of whether central banks that have spent decades establishing and maintaining anti-inflation credibility can generate faster price growth in an environment of low interest rates. Japan tried – and failed: banks were too willing to hold the reserves that the central bank released as it bought back bonds.
乍一看，这一方案颇为诱人，但细考之则觉得大有商榷之处。第一个问题是，央行在过去几十年中已经建立起并维系了反通胀的名声，它们能够在低利率环境下造成物价快速增长的局面吗？日本试过，但以失败告终——银行死抱着央行通过回购债券释放出来的准备金不放。