美国量化宽松货币政策有效性研究

发布时间：2018-11-22 07:36

【摘要】：随着经济危机的加深，美国政府已推出了四轮量化宽松货币政策来调控经济。所谓的量化宽松货币政策是一种非传统货币政策。在次贷危机后，美国选择了这种政策对经济进行调控。首先，本文对整篇文章的框架结构、选题意义等进行简要介绍。然后介绍了该政策的理论基础，该政策的理论基础可以追溯到凯恩斯建立的宏观经济学体系，而第一次提出量化宽松货币政策这个概念的是克鲁格曼。之后本文着重介绍了量化宽松货币政策的政策工具，并对其传导途径进行了简要分析，还将其与传统货币政策进行比较，找出两者之间的区别。在第三章，本文对美国量化宽松货币政策运行情况进行了描述，，在四轮的量化宽松货币政策中，美联储共为市场注入过万亿的资金。在政策实施之后，美国的经济情况有所改善。然后，本文通过美国现在的经济数据，运用计量模型对该政策的效果进行分析。分析结果表明，量化宽松货币政策在短期内对于增加流动性，防止通货紧缩，促进就业，刺激经济复苏有一定作用，而长期效果更为明显。从总体上来说，量化宽松货币政策对美国经济的调控是有一定效果的，长期效果更为明显。但此政策的实施受到各种因素的制约，因此政策本身仍有改进的地方。此外，本文认为，通过汇率和资产价格渠道的传导，量化宽松货币政策有效性较为明显。而且对于降低长期利率，该政策也有一定效果。但政策在信贷渠道则无法有效传导。因此，美联储应该优化其政策工具和实施政策的环境，提高政策的有效性。本文还认为美国量化宽松货币政策对中国经济会造成一些影响，因此提出防范美国政策对我国经济冲击的建议。而且美国在金融领域的研究处于先进水平，其在危机中所采用的政策时值得关注的。虽然对这种政策的讨论有不同的意见，但量化宽松货币政策也必定有其可取之处，因此美国应对危机的经验对我国货币政策实践有一定的启示。
[Abstract]:As the economic crisis deepens, the U.S. government has introduced four rounds of quantitative easing to regulate the economy. The so-called quantitative easing monetary policy is a non-traditional monetary policy. After the subprime crisis, the United States chose this policy to regulate the economy. First of all, this paper briefly introduces the frame structure of the whole article and the significance of the topic. Then it introduces the theoretical basis of the policy, which can be traced back to the macroeconomic system established by Keynes. Krugman put forward the concept of quantitative easing monetary policy for the first time. After that, this paper mainly introduces the policy tools of quantitative easing monetary policy, analyzes its transmission path, compares it with traditional monetary policy, and finds out the difference between them. In the third chapter, this paper describes the operation of quantitative easing monetary policy in the United States, in the four rounds of quantitative easing monetary policy, the Federal Reserve injected more than trillion dollars of money into the market. After the implementation of the policy, the economic situation in the United States improved somewhat. Then, through the current economic data of the United States, we use the econometric model to analyze the effect of the policy. The results show that the quantitative easing monetary policy plays a certain role in increasing liquidity, preventing deflation, promoting employment and stimulating economic recovery in the short term, but the long-term effect is more obvious. On the whole, the quantitative easing monetary policy has certain effect on American economy, and the long-term effect is more obvious. However, the implementation of this policy is restricted by various factors, so there are still some improvements in the policy itself. In addition, the paper believes that the effectiveness of quantitative easing monetary policy is obvious through the transmission of exchange rate and asset price channels. And for reducing long-term interest rates, the policy also has some effect. However, the policy in the credit channel can not be effectively transmitted. Therefore, the Fed should optimize its policy tools and the environment in which it operates, and improve policy effectiveness. This paper also thinks that the quantitative easing monetary policy of the United States will have some impact on China's economy, so it puts forward some suggestions on how to prevent the impact of American policy on China's economy. And America's research in the field of finance is advanced, and the policies adopted in the crisis are worthy of attention. Although there are different opinions on the discussion of this kind of policy, the monetary policy of quantitative easing must also have its merits. Therefore, the experience of the United States in dealing with the crisis has some enlightenment to the practice of monetary policy in our country.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F827.12

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