美国联邦储备理事会(美联储)的货币刺激措施有可能存在不良的副作用,需要谨慎地处理:关联储已经积累了巨量的抵押贷款支持证券(MBS),它将在不破坏新生房市复苏的情况下最终得到清算。而这需要完成一个相对简单的创新计划,即美联储把MBS转化为等价的国债。当遭受通货膨胀威胁时,这样的计划便于关联储采用提高利率的常规手段来抑制通胀,而无需担忧出售抵押贷款支持证券所带来的经济和政治后果。 The Federal Reserve’s monetary stimulus may have undesirable side effects that need to be handled cautiously: The Associated Reserve has accumulated a vast amount of mortgage-backed securities (MBS) that will not hurt the nascent housing market recovery Under the final settlement. And this needs to be completed a relatively simple innovation plan, that the Federal Reserve MBS into equivalent bonds. When threatened by inflation, such a plan allows the Fed to adopt conventional ways of raising interest rates to curb inflation without worrying about the economic and political consequences of selling mortgage-backed securities.