Nearly four years after the world hit bottom in the aftermath of the global financial crisis, QE’s impact has been strikingly asymmetric. While massive liquidity injections were effective in unfreezing credit markets and arrested the worst of the crisis – witness the role of the Fed’s first round of QE in 2009-2010 – subsequent efforts have not sparked anything close to a normal cyclical recovery.
但这种政策能起作用吗？尽管在后危机时代的今天，实验性的货币政策被当作标准的操作流程进得到大范围推广，但其有效性依然值得怀疑。世界经济在全球金融危机冲击下触底后的近四年里，量化宽松政策的影响明显不对称。大量流动性的注入的确在解冻信贷市场上取得成效并阻止了危机深度恶化——这在美联储2009-2010年度首轮量化宽松政策中得到了证明——然而随后的措施都未能催生任何常见的周期性复苏。