Had Chinese reserves been held in gold rather than in US Treasury bills, the Fed would have been obliged to raise interest rates; as it was, it could run a cheap money policy. 若中国持有的外汇储备不是美国国债而是黄金,美联储(fed)将不得不提高利率;事实并非如此,美联储才得以推行宽松的货币政策。
Another school of thought blames the Fed for running a cheap money policy for far too long. 另一派人谴责美联储将宽松货币政策维持过久。
But when both the private and public sector are deleveraging, there is often deflation and a liquidity trap: borrowers do not want to borrow, no matter how cheap money becomes, making monetary policy less effective. 但当这两个部门都去杠杆化时,通常会出现通缩和流动性陷阱:不管资金成本多么低,借款人都不想借入资金,这削弱了货币政策的效果。