LONDON – Now that the pace of the US Federal Reserve’s “tapering” of its asset-purchase program has been debated to death, attention will increasingly turn to prospects for interest-rate increases. But another question looms: How will central banks achieve a final “exit” from unconventional monetary policy and return balance sheets swollen by unconventional monetary policy to “normal” levels?
发自伦敦——如今人们已经对美联储“缩减”资产收购计划的步骤进行了充分的讨论，而注意力也将逐渐转向对利率上升的预期方面。但同时又出现了另一个问题：央行们将如何达到一个退出非常规货币政策的最终“出口”，并把在非常规货币政策下过度膨胀的资产负债表恢复到“正常”的水平？