那提西银行-欧洲-经济理论-欧洲央行的选择是可以理解的吗？20180122-6页

FlashEconomics22January2018-65PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comAretheECB’schoicesunderstandable?Theeuro-zoneeconomyisimprovingmarkedly,theunemploymentrateisnearingthestructuralunemploymentrateanddeflationisnolongerathreat,andyettheECBiskeepingahighlyexpansionarymonetarypolicyinplace.Isthischoiceunderstandable??Wedonotbelievethatittrulyresultsfromadesiretoliftinflationtocloseto2%,nowthatdeflationisnolongerathreat;?Itmayresultfromtheideathatevenwhentheeconomyisclosetofullemployment,demandstimuluscanhavepositiveeffects:increasingtheparticipationrate,encouragingcompaniestomakeproductivitygains;?Itmayalsoresultfromconcernatwhatcouldensueshouldthebondbubbleburstintheeurozone:crisisamonginstitutionalinvestors,publicfinancecrisis.DistributionofthisreportintheUnite