世界将进入新一轮加息周期

近来一个时期,无论是在发达国家还是在发展中国家,通胀率和通胀预期都在以较快的速度上升,我们正面对全球性通货膨胀挑战。文章回顾了自去年下半年以来美、日、欧及新兴市场国家通胀形势的变化及其利率政策的应对,指出在由欧洲央行启动的本轮加息周期里,美联储的货币政策取向是在保持经济增长的基础上,抑制通货膨胀;欧洲央行则是在保持物价稳定的基础上,兼顾经济增长;发展中国家的加息行为,部分是为了控制投资过热,大部分是为了应对通货膨胀。

The world enters a new round of rate-hike cycle

Over the past few months, inflation anticipation and inflation rate per se both jumped rapidly in either developed economies or developing ones. We are now facing a challenge of global inflation. This paper reviews the evolution of inflation as well as interest-rate policy responses in the US, Japan, Europe and emerging economies since the second half of 2007. According to the author, in this round of rate-hike cycle initiated by the European Central Bank, the Fed follows a monetary policy orientation of ma...