Detail Don't Give Up; Central Banks   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8791 (Jun. 2012), page 14-15. Topik: Central Banks; Monetary Policy; Interest Rates Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel For almost half a decade the world's big central banks have been energetic paramedics to their sickly economies. Both in 2007-08 and, more recently, in the euro crisis, they warded off a financial collapse by pumping banks full of emergency liquidity. And they have acted repeatedly to prop up demand, first by slashing short-term interest rates and, when those rates in effect hit zero, with more experimental medicine, such as "quantitative easing" (printing money to buy bonds in order to push down long-term borrowing costs). For a while the medicine seemed to work. Deflation was staved off and tentative recoveries took hold. But as economies sink back into recession and long-term bond yields hit record lows, a debate is raging about whether central banks are doing the right thing. One camp, led by some prominent economists, argues that central banks are not doing enough. These academic activists want them to embrace even bolder measures to boost demand. Critics of central-bank activism worry that loose monetary policy has become a crutch that lets governments put off difficult decisions, such as restructuring their banks or sorting out their own medium-term finances. The central bankers should be listening to the academics. On July 5th, at its next meeting, the European Central Bank should cut rates and begin quantitative easing. The Bank of England and the Fed should both start employing more unconventional tools to loosen monetary conditions. Central bankers have helped avert disaster so far. Now is not the time for them to give up. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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