美联储非常规货币政策框架

发布时间：2018-04-04 19:55

本文选题：美联储　切入点：货币政策框架　出处：《国际金融研究》2014年09期

【摘要】：金融危机后,主要依靠美联储非常规货币政策,美国经济避免滑向通缩,实现了缓慢复苏。尽管非常规货币政策框架基本具有危机前传统货币政策框架的主要特点,但非常规货币政策的理念、目标、工具、传导渠道等仍有诸多不同之处:(1)在长期通胀预期稳定的情况下强调最大就业;(2)过度宽松、稳定通胀预期及以平衡方式实现美联储双重目标的政策策略;(3)最优控制和成本收益比较的政策规则;(4)资产负债表工具和利率前瞻性指引的政策工具;(5)以资产组合平衡渠道和未来短期利率预期渠道为主的政策传导渠道;(6)"先量后价"、多工具组合和缓慢渐进的非常规货币政策退出,等等。危机后的这种非常规货币政策框架是传统政策框架的扩展和延伸,丰富了传统货币政策框架的内涵。
[Abstract]:After the financial crisis, largely dependent on the Fed's unconventional monetary policy, the U.S. economy avoided sliding into deflation and achieved a slow recovery.Although the unconventional monetary policy framework basically has the main characteristics of the traditional monetary policy framework before the crisis, but the concept, the goal, the tool of the unconventional monetary policy,There are still many differences between the transmission channels and so on. (1) under the condition of stable long-term inflation expectations, we emphasize that the maximum employment is too loose.Policy strategy for stabilizing inflation expectations and achieving the Fed's dual objectives in a balanced mannerThe "first quantity after the Price", a combination of multiple tools and a slow and gradual withdrawal of unconventional monetary policies, is a balanced channel and a policy transmission channel dominated by the expectation of short-term interest rates in the future.Wait.The unconventional monetary policy framework after the crisis is the extension and extension of the traditional monetary policy framework, which enriches the connotation of the traditional monetary policy framework.
【作者单位】：中国人民银行上海总部;
【基金】：2013年中国人民银行上海总部重点课题“本轮美国经济复苏及其复苏的货币政策框架” 2014年上海市金融学会重点课题“本轮美联储货币政策正常化及对新兴经济体的影响”的资助
【分类号】：F827.12

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