The writer is an FT contributing editor and global chief economist at Kroll?Quantitative easing has developed a certain resemblance to the Eagles’ “Hotel California” — you can check out any time you like, but you can never leave. We should pay more attention to quantitative tightening, suggest former Reserve Bank of India governor Raghuram Rajan and others in a recent paper. Commercial banks change their behaviour when there are plentiful reserves, making QT far more volatile and difficult to pull off than expected.
本文作者是英國《金融時報》特約編輯、Kroll全球首席經濟學家
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