Central bankers and the rationale for unconventional monetary policies: reasserting, renouncing or recasting monetarism?
分析了全球金融危机后央行采用非传统货币政策（如量化宽松）的理论依据，探讨了货币主义原则在这些政策中的体现、放弃或重塑，对理解央行决策逻辑和货币政策演变有参考价值。
Abstract The purpose of this paper is to examine the rationale for the unconventional monetary policies adopted by central banks in response to the Global Financial Crisis. Quantitative easing appears to be a return to monetarist principles. Indeed, the Bank of England emphasised a causal chain running from increases in broad money to spending and inflation, while the Bank of Japan later pointed to a theorised relation between base money and expected inflation. Some aspects of monetarism have been renounced, albeit not necessarily with convincing reasoning. Monetarist principles can also be discerned in the ‘credit view’ associated with the research of two-term US Federal Reserve Chair, Ben Bernanke. An understanding of the banking system and the channels of monetary transmission is still a work in progress.