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央行独立时代即将结束

货币政策的其他一些效果更加隐蔽，但对其也应仔细考量。量化宽松或使政府能够更容易地以较低成本筹措资金，但此举将使养老基金未来负债的净现值增大，导致已然入不敷出的基金出现问题。而这将反过来导致职工的养老金缴纳金额增加，并使未来的养老金支付水平下降，抑或，对某些公共部门养老基金而言，这也可能导致这些基金通过增税或减支实现收支平衡。此外，量化宽松的最大受益者中有一些是资产雄厚的年长人士，他们更倾向于把这笔意外之财存起来、而非花掉。

Put another way, monetary policy is doing more to redistribute income and wealth than to trigger a rebound in economic activity. Central bankers are making decisions that are more political than economic.

换句话说，货币政策在收入和财富的再分配方面的作用，强于对经济活动复苏的刺激作用。央行行长们目前所做决策的政治意味比经济意味更浓。

So it should come as no surprise that central bank independence is under threat. Nowhere is this more obvious than in Japan, where Shinzo Abe’s new government is planning both to appoint a new Bank of Japan governor and to refine the bank’s price stability mandate. The BoJ is likely to find itself under pressure to hit an inflation rate of 2 per cent rather than the current 1 per cent objective, bringing it into line with central banks elsewhere.