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Basic relationship between currency easing and inflation，At least three basic theoretical facts include: one is that the currency is loose and triggered the loose credit to cause inflation;，Currency easing can cause inflation; third, the world has countries and regions like China，Consumer products that have the ability to produce beautiful and cheap products。

Current，Central banks in major western developed countries and regions have made a negative impact on the response to the new crown pneumonia.，It is implementing high -intensity currency easing policies，Whether this kind of policy will cause great global inflation that causes concerns of all walks of life。I think，From the perspective of quantitative loose monetary policy tool structure，Currency loosening in the short term does not mean comprehensive credit loose，The possibility of inflation is low，Even under the plunge of oil prices, there will be local currency tightening。But compared with the impact of the international financial crisis on the economy in 2008，New crown pneumonia's epidemic has a serious impact on the economy，Including dual effects on supply and demand，It may cause global economic spiral decline and deep decline。So，The global economy cannot achieve recovery in 3-5 years，The loose to the ultimate monetary policy of major developed countries will trigger global inflation。

　　Basic relationship between global currency looseness and inflation

When discussing the relationship between global currency looseness and inflation，It is often affected by the classic conclusion of American financial scientist Milton Friedman's classic conclusion "Inflation is a currency phenomenon"。In short，Unlimited global currency looseness will inevitably cause inflation，The potential inflation constraint also bet365 best casino games determines the limited stimulus of monetary policy。But this classic conclusion did not be fulfilled in 2008 global currency loose practice。That is to say，After the 2008 international financial crisis，Monetic policies for the implementation of currency easing in major Western countries and regions，It does not cause big global inflation，Instead, it falls into different degrees of currency tightening。In this fact and background，We need to rethink the basic relationship between currency looseness and inflation。

Reflection in 2008 currency easing policy practice，The reason why there are not caused inflation roughly four main reasons。First, the loose currency loose of most developed countries does not trigger credit loose，Central Bank expands basic currency，Hold by commercial banks by excess deposit reserve，No synchronous expansion credit，Heavenly currency does not enter the real economy，Instead, the central bank and expand the size of the central bank's balance sheet。So that the central bank has begun to implement negative interest rate policies and taxes on excess reserve，To promote the lending of commercial banks。Second, the unconventional monetary policy is not simply expanding currency and credit，Instead, control through the yield curve、Negative interest rate policy and other unconventional monetary policy tools will reduce fiscal debt burden，Provide space for fiscal policy。Third, the global economy recovers in time，Especially since the U.S. subprime mortgage crisis in 2008 has achieved ten years of prosperity in the stock market，Sustainable economic growth，The actual productivity growth is close to potential productivity，Loose finance and monetary policy stimulus continuous effect。Fourth, China is an important force to suppress global inflation。China as a global manufacturing center，It is constantly providing and cheap consumer goods to Western countries such as the United States，This has become an indispensable factor in prices that bet365 Play online games stabilize the United States and other Western countries。So，Basic relationship between currency easing and inflation，At least three basic theoretical facts include: one is that the currency is loose and triggered the loose credit to cause inflation;，Currency easing can cause inflation; third, the world has countries and regions like China，Consumer products that have the ability to produce beautiful and cheap products。

Based on this，There are two core issues we need to pay attention to: First, whether the current round of currency loose and fiscal relief policy tools have triggered credit expansion，Second, whether the global economy can recover as soon as possible to the potential output level。

　　Global new round of currency easing policy measures

Current，New Crown Pneumonia's epidemic causes the flow of personnel to be blocked，Actual difficulty and high protection costs in the re -production and re -production of enterprises。At the same time，unemployment、Revenue reduction、Factors such as the plunge of the stock market have caused factors such as wealth shrinkage、Investment and other needs have caused impact。This has led to a decline in total supply and total demand，The decrease in the nominal price and then induced currency tightening will inevitably。For this，In order to alleviate the impact on the global economy and financial markets in the epidemic of new crown pneumonia，Since March，The central and regional central banks act immediately，In the short term, the currency support is loose to the extreme，Relief of interest rate cuts+QE (quantitative loose) and other loose monetary policy，Increase market liquidity，For the family、Enterprise and financial institutions provide effective support，The specific policy is as follows。

First，The Federal Reserve has two emergency interest rate cuts to 0%，and turn on unlimited QE。March 3，Emergency operation of the Federal Reserve，Reduce the target range of the federal fund interest rate by 50 basis points; on March 16, the Fed once again reduced the federal fund interest rate target range to 100 % to 0 % -0.25 %，At the same time, 700 billion US dollars of asset purchase plans were launched; on March 18th, the Fed restarted the convenience mechanism (CPFF) and more than 10 loan convenience mechanisms bet365 Play online games (CPFF) in 2008，For Enterprise、Family and financial institutions provide credit; March 23，The Fed announced that it will continue to purchase government bonds and MBS (mortgage securitization) to support the stability of economic and financial systems，and no quota limit，"Unlimited QE"。

Second，The European Central Bank maintains the main recycling interest rate of 0%，Expansion of quantitative easing。European Central Bank interest rate resolution will be from November 1, 2019，Restart the asset purchase plan，The scale is 20 billion euros per month。March 12, 2020，The European Central Bank decided to maintain the dominant interest rate of the euro zone，An additional increase of 120 billion euros asset purchase plan by the end of 2020，Use measures such as liquidity tools and flexible banking industry supervision at the same time，Inject extra liquidity for the euro area。March 18，The European Central Bank once again announced that the purchase plan of 750 billion euros of emergency assets continued until the end of 2020。other，The European Central Bank said that it will be prepared to adjust all measures appropriately as needed，Ensure that the liquidity of the banking system。

third，The Bank of Japan maintains policy interest rates -0.1%，Further expansion of loosening strength。The Bank of Japan decided on March 16 to further increase the relaxation of monetary policy by expanding the asset purchase plan，The annual purchase scale of the transaction -type Open Index Fund (ETF) has doubled to 12 trillion yen，The annual purchase scale of the Real Estate Investment Trust Fund (J-REITs) has doubled to 180 billion yen，At the same time, it is promised until the end of September 2020，Added 2 trillion yen of commercial bills and corporate bonds。March 19，The Bank of Japan announced that it was purchased by Japan's Treasury bonds with 1 trillion yen in plans。Among them, 200 billion yen purchased 1-3 -year national debt，300 billion yen purchase 3-5 -year national debt，400 billion yen to buy 5-10 years Bet365 app download of national debt，100 billion yen purchase 10-25 years of national debt。

Fourth，Bank of England cuts interest rates to 0.1%，and expand the scale of asset purchase。March 11，Bank of England announced that the benchmark interest rate will be reduced by 50 basis points to 0.25 %，Maintain 10 billion pounds for non -financial investment -level corporate bonds、The purchase scale of £ 435 billion in national bonds; introduced a new regular financing plan (TFSME)，Provide more than 100 billion pounds of funding support for SMEs through central bank reserves; cut counter -cyclical capital buffer rate to 0 % of banks' risk exposure to the bank's loan demand party，and last at least 12 months，Provide enterprises with a bank loan of up to 190 billion pounds。March 19，Bank of England announced at a special meeting that further reduced interest rates 15 basis points to 0.1%，and increase the holdings of £ 200 billion in British government bonds and non -financial investment -level corporate bonds，Expand the TFSME Plan。

　Tools and functions of loose monetary policy

To sum up，The tools and functions of the central banks and regional central banks implement loose monetary policy are as follows。1 is to use loose monetary policy tools。From the perspective of anti -epidemic policies in various countries and regions，The current monetary policy tool used by the central bank is roughly the same as the 2008 international financial crisis rescue market，It mainly includes interest rate cuts、Buy large -scale assets、Provide convenience for the issuance of various loans。At the same time, supplemented by controlling the yield curve、negative interest rate policy、Reduce bank capital requirements and other currency tools。The second is to promote the role of loose monetary policy。From the perspective of theoretical and practical level，If the loose monetary policy is implemented properly，can help increase market liquidity and alleviate credit gaps，Reduce credit risk，For the family、Enterprise and financial institutions provide effective support。Third is whether the loose Bet365 app download monetary policy tool has been used。Before the global epidemic impact ended，The space for the expansion of monetary policy still exists，But the role of traditional monetary policy has been used，Skymoring monetary policy space has not been used。The central bank purchases assets on a large scale、Forward -looking guidance、negative interest rate policy has not been fully released in different countries and regions，Such as the Fed and the Bank of England，No negative interest rate policy，Of course, once the negative interest rate policy is opened，There is no restriction on its lower limit。Large -scale purchase of assets is a relative concept，Its purchase space depends on the wishes of the central banks of various countries。

Does the implementation of loose monetary policy in major developed countries and regions cause inflation? on the one hand，From the perspective of global loose monetary policy tool structure，In the short term, it will not cause inflation。During the epidemic，Any funds injected into the real economy，If it flows into high -quality enterprises instead of speculative field，All will help economic stability and develop in a good direction。So，Developed countries provide a variety of credit convenience supplemented by strict auditing and screening procedures，The purpose is to select high -quality enterprises。These companies are just difficulty in liquidity caused by the outbreak of the epidemic，Failure companies that are wrong in strategic development，Let these companies survive the foundation of the economic recovery。On the other hand，The current global economies have paid different degrees of economic losses and costs for the epidemic，Especially Western countries with highly developed service industry。Whether it will cause inflation after the epidemic，Depending on whether the real economy can move towards recovery within 3-5 years。That is to say，After the epidemic，Timely recovery of the real economy is very critical for suppressing future inflation。Converse，After bet365 Play online games the epidemic，If the economy does not quickly recover，The risk of inflation in the world will face the risk of inflation。

　(Author is an associate researcher at the Institute of Finance of the Chinese Academy of Social Sciences、Senior researcher at the National Financial and Development Laboratory)