威廉姆斯称资产负债表工具的使用并非 “非常规操作”

Core Viewpoint - John Williams, President of the New York Federal Reserve Bank, argues that central banks' use of balance sheet policies should not be viewed as "unconventional tools" [1] Group 1: Monetary Policy Understanding - Williams emphasizes that the common understanding of monetary policy is too narrow, focusing primarily on setting short-term interest rates [1] - He states that this limited view contradicts the historical practices of central banks and monetary economics [1] Group 2: Criticism of Asset Purchases - The Federal Reserve faces criticism regarding its asset purchases and the overall size of its balance sheet, which is currently approximately $6.6 trillion [1] - Scott Bessent, U.S. Treasury Secretary, describes large-scale asset purchases as distorting the market and interfering with the Fed's independence [1] - Kevin Warsh, a former Fed governor and potential candidate for the next Fed chair, has consistently criticized the Fed's bond-buying programs, especially during non-crisis periods [1] Group 3: Effectiveness of Asset Purchases - Williams cites economic research indicating that asset purchases remain effective even when short-term interest rates are very low [1] - He asserts that these policies are not merely "emergency" or "crisis-response" measures but align with long-standing monetary policy theory and practice [1] - The timing and manner of implementing these policies depend on specific circumstances and the risks faced by policymakers, which is a matter of strategy and execution rather than principle [1]