クリス・ディローが、量的緩和の実施と巻き戻しの効果は非対称的である、というGavyn Daviesの2ヶ月前の記事にリンクしている。 以下は同記事の一節。 ...the effect of balance sheet tightening may be offset by the Fed adopting an easier path for short term interest rates than it otherwise would have chosen. This is very different from what happened during the balance sheet expansion phase, when short term rates were fixed at almost zero. The key point is that the futur