美联储理事Michelle Bowman表示,自新冠疫情以来,央行政策利率的中性水平可能已经上升。
Bowman表示,疫情爆发后央行立刻实施的降息以及支持性的财政政策令美国经济至今仍保持强劲,尽管2022和2023年美联储又将利率大幅上调。
Bowman说,正是这些因素可能导致所谓的中性利率水平上升。经济学家将这个水平称为R-star。
Bowman周五在为芝加哥大学布斯商学院的活动准备的发言中说:“在最近的紧缩周期中,实际经济活动对利率升高表现出了韧性,从某个角度而言,这意味着以上提到的因素导致了中性利率水平上升。”
Bowman还表示,人口增长以及新技术和企业形式带来的生产力跃升等因素可能提振了投资需求。
Bowman说,“一个投资需求更强而家庭储蓄很少的经济体可能需要相对于疫情前水平更高的中性利率。”
Bowman还表示,“随着我们继续朝着2%的目标迈进,我预计劳动力市场和经济活动将成为FOMC政策讨论的一个更重要的因素”。”
责任编辑:王许宁
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