NEW YORK – Who would have thought that six years after the global financial crisis, most advanced economies would still be swimming in an alphabet soup – ZIRP, QE, CE, FG, NDR, and U-FX Int – of unconventional monetary policies? No central bank had considered any of these measures (zero interest rate policy, quantitative easing, credit easing, forward guidance, negative deposit rate, and unlimited foreign exchange intervention, respectively) before 2008.
纽约—谁会想到，在全球金融危机爆发六年后，大部分发达国家仍然在费常规货币政策的字母汤中游泳——ZIRP、QE、CE、FG、NDR、U-FX Int轮番上阵。没有一家央行在2008年前考虑使用这些措施（分别是零利率政策、量化宽松、信用宽松、前瞻指引、负存款利率和无限制外汇干预）。如今，它们成了决策者工具箱中的香饽饽。