Mosser Patricia C
School of International and Public Affairs, Columbia University, New York, USA.
Bus Econ. 2020;55(4):191-201. doi: 10.1057/s11369-020-00189-x. Epub 2020 Nov 13.
Central bank responses to COVID-19 have been extraordinary in speed, in size and in scope. Much easier monetary policy, massive liquidity provision, and targeted credit support to the real economy all played a role in stabilizing financial conditions and credit. On net, there is preliminary evidence that central bank actions have been a positive-for access to credit and for the real economy-during very trying times. But the first six months have made clear that central bank policy can only indirectly address the core economic policy challenges of the crisis, whose trajectory remains highly uncertain. The risks to the economy and financial system remain very large, and key policy questions-on the degree of fiscal policy support to the real economy, about the limits of central bank risk taking and monetization of debt, and about the wisdom of heavy reliance on central bank policies given their impact on leverage and debt levels-remain just that.
各国央行对新冠疫情的应对在速度、规模和范围上都堪称非凡。更为宽松的货币政策、大规模的流动性供应以及对实体经济的定向信贷支持，都在稳定金融状况和信贷方面发挥了作用。总体而言，有初步证据表明，在非常艰难的时期，央行的行动对信贷获取和实体经济产生了积极影响。但头六个月已经表明，央行政策只能间接应对危机的核心经济政策挑战，而危机的发展轨迹仍高度不确定。经济和金融体系面临的风险仍然非常大，关键政策问题——对实体经济的财政政策支持力度、央行承担风险和债务货币化的限度，以及鉴于央行政策对杠杆率和债务水平的影响而过度依赖这些政策是否明智——依然存在。
