2024年12月9日中央政治局会议强调,2025年将实施更加积极有为的宏观政策,实施更加积极的财政政策与适度宽松的货币政策组合。时隔十四年重提“适度宽松的货币政策”,令市场对更大力度的降准降息满怀憧憬。但预期一再落空。市场解读此为稳汇率的需要。而笔者以为,更深层次原因或是市场帮人民银行(即中国央行)实施了“类降息”。 稳健的货币政策操作并不中性 全球主要央行大都采取了通胀目标制的货币政策框架。在此...
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