In theory, as the economy picks up and interest rates begin to climb, central banks will simply pay higher interest rates on their reserves, so that they can finance their holdings of long-term securities and shrink them slowly. But higher interest rates also imply large capital losses for central banks’ asset holdings.
我们也不知道量化宽松的退出过程有多平稳。从理论上说，随着经济的复苏和利率的上升，央行所支付的储备金利息也会增加，因此它们可以为所持有的长期证券融资，并逐渐减少持有量。但更高的利率也意味着央行持有资产的资本损失。