美联储货币政策工具的演变研究
发布时间：2018-08-24 10:51
【摘要】：本文主要从历史、比较和制度三个层面，剖析和研究1913年以来美联储美国货币政策工具的发展演变历程，旨在揭示货币政策工具演进的历史阶段性，及其与美国经济发展和金融制度变迁等方面的内在联系。美联储的货币政策工具依次经历了再贴现、存款准备金率、公开市场操作，到联邦基金利率的替代过程。不同的历史时期美联储的货币政策工具有不同的侧重，在过去的100年中，作为制度相对完善的中央银行，美联储的货币政策，，及其对不同政策工具的选择具有一定的示范性；从美国经济发展过程中形成的货币政策机制，也具有一定的时效性。因此，货币政策工具的动态演进与央行制度的变迁相辅相成，互相促进。 自从20世纪90年代以后，我国的中央银行也在尝试着进行宏观经济调控，货币政策是其中的重要调控手段，但是我们所能运用的货币政策工具比较单一，法定存款准备金率为首选工具。而这种政策工具的刚性效果过于显著，缺乏灵活性。形成和完善利率市场化的资本市场是中央银行使用价格型的货币政策工具的基础和前提条件。而依靠价格型工具调控的有利于中央银行在金融市场中进行流动性管理和价格指导，其结果也使得居民的金融资产能够更加合理的配置和保值。 因此，从美联储货币政策工具的历史演进中，汲取其有益的经验和借鉴，以完善我国的央行制度，以及货币政策的灵活有效机制，是我们面临的、但又必须要解决的理论和现实问题，这也是本文的立意所在。
[Abstract]:This paper analyzes and studies the evolution of the monetary policy tools of the Federal Reserve since 1913 from the three aspects of history, comparison and system, in order to reveal the historical stages of the evolution of monetary policy instruments. And its internal relationship with the economic development and financial system changes in the United States. The Fed's monetary policy instruments have in turn gone through a process of rediscount, reserve requirements, open market operations, and an alternative to the federal funds rate. In the past 100 years, as a relatively perfect central bank, the Federal Reserve's monetary policy, and its choice of different policy tools, have a certain demonstration; The monetary policy mechanism formed from the process of American economic development also has certain timeliness. Therefore, the dynamic evolution of monetary policy tools and the change of central bank system complement each other and promote each other. Since the 1990s, the central bank of our country has also tried to carry out macroeconomic regulation and control. Monetary policy is one of the important means of regulation and control, but the monetary policy tools we can use are relatively single. Statutory deposit reserve ratio is the preferred tool. And the rigid effect of this kind of policy tool is too obvious, lack flexibility. Forming and perfecting the capital market of interest rate marketization is the foundation and precondition for the central bank to use the price-based monetary policy tool. Depending on the price instruments, the central bank can manage liquidity and guide the price in the financial market. The result also makes the residents' financial assets more reasonable allocation and preservation of value. Therefore, from the historical evolution of the Federal Reserve's monetary policy tools, we are faced with the need to draw on its useful experience and draw lessons from it in order to improve our central bank system and the flexible and effective mechanism of monetary policy. However, we must solve the theoretical and practical problems, which is the purpose of this paper.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F827.12
本文编号：2200586
[Abstract]:This paper analyzes and studies the evolution of the monetary policy tools of the Federal Reserve since 1913 from the three aspects of history, comparison and system, in order to reveal the historical stages of the evolution of monetary policy instruments. And its internal relationship with the economic development and financial system changes in the United States. The Fed's monetary policy instruments have in turn gone through a process of rediscount, reserve requirements, open market operations, and an alternative to the federal funds rate. In the past 100 years, as a relatively perfect central bank, the Federal Reserve's monetary policy, and its choice of different policy tools, have a certain demonstration; The monetary policy mechanism formed from the process of American economic development also has certain timeliness. Therefore, the dynamic evolution of monetary policy tools and the change of central bank system complement each other and promote each other. Since the 1990s, the central bank of our country has also tried to carry out macroeconomic regulation and control. Monetary policy is one of the important means of regulation and control, but the monetary policy tools we can use are relatively single. Statutory deposit reserve ratio is the preferred tool. And the rigid effect of this kind of policy tool is too obvious, lack flexibility. Forming and perfecting the capital market of interest rate marketization is the foundation and precondition for the central bank to use the price-based monetary policy tool. Depending on the price instruments, the central bank can manage liquidity and guide the price in the financial market. The result also makes the residents' financial assets more reasonable allocation and preservation of value. Therefore, from the historical evolution of the Federal Reserve's monetary policy tools, we are faced with the need to draw on its useful experience and draw lessons from it in order to improve our central bank system and the flexible and effective mechanism of monetary policy. However, we must solve the theoretical and practical problems, which is the purpose of this paper.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F827.12
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