Abstract This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary base may become uncontrollable. In this case, the bank has no option but to increase the monetary base by more than the target amount, which leads to an undesirable money supply expansion and, ultimately, to inflation pressures. The model shows the condition when a central bank faces such a challenging situation.

中文翻译：

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退出量化宽松后的货币基础可控性

摘要本研究探讨了央行退出货币量化宽松政策后可能面临的问题。它开发了一个简单的中央银行动态优化模型，该模型发现，如果银行在退出时需要吸收大量的超额准备金，则货币基础可能变得不可控制。在这种情况下，银行别无选择，只能将货币基础增加超过目标数量，这将导致不受欢迎的货币供应扩张，最终导致通货膨胀压力。该模型显示了央行面临如此严峻形势时的情况。