那提西-美股-宏观经济-货币政策：需要重新思考-20180124-8页

FlashEconomics24January2018-97PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comMonetarypolicy:AfundamentalrethinkingisneededTheFederalReserveandtheECBhaveconductedanunconventionalhighlyexpansionarymonetarypolicy(quantitativeeasing)overalongperiodoftime.Bothcentralbanksarenowwindingdownthispolicyundertheassumptionthatinflationwillreturntowardsthetargetlevel,butarestillmaintaininganexpansionarymonetarypolicystancewithlowinterestrates.Onemayregretthatthesechoices(unconventionalmonetarypolicyoveralongperiodoftime,persistencewithinflationtargets)havebeenmadewithoutafundamentalrethinkingofmonetarypolicyobjectives:?Isitdesirableforunconventionalmonetarypoliciestogiveriseoverlongperiodsoftimetodistortionsinfinancialmarkets:abnormallylowlong-terminterestrates,squeezingofriskpremia,excessivegr