First, central banks take the conventional policy rate down to the dreaded “zero bound.” Facing continued economic weakness, but having run out of conventional tools, they then embrace the unconventional approach of quantitative easing (QE).
纽黑文—欧洲央行可预见地加入了世界其他货币当局行列，开始了史上最大央行业务实验。到目前为止，一切都是那么熟悉。首先，央行将常规政策利率下降到可怕的“零下限”。但经济继续萎靡，而常规工具已经用尽，于是央行采取了非常规方法——量化宽松（QE）。