非传统货币政策解析——以美国的该政策实践为例

发布时间：2018-01-12 15:39

本文关键词：非传统货币政策解析——以美国的该政策实践为例　出处：《国际金融研究》2010年10期 　论文类型：期刊论文

【摘要】：美国次债问题引发全球性金融危机后,非传统货币政策成为发达国家普遍采用的新货币政策。它将中央银行管理流动性的执行手段由传统货币政策下的短期名义利率转变为调整中央银行资产负债表的规模、结构和内容。针对这一政策,首先,本文准确界定了该政策的内涵和分类;其次,以美联储资产负债表为基础深入探讨了非传统货币政策的具体执行手段;再次,提出非传统货币政策有退出困难等诸多问题;最后,就非货币政策的执行提出政策建议。
[Abstract]:Following the global financial crisis caused by the sub-prime debt problem in the United States. Non-traditional monetary policy has become a common new monetary policy in developed countries. It changes the central bank's implementation of liquidity management from short-term nominal interest rate under traditional monetary policy to the adjustment of the central bank's balance sheet. Size. Structure and content. In view of this policy, first of all, this paper defines the connotation and classification of the policy accurately; Secondly, based on the balance sheet of the Federal Reserve, the paper probes into the specific means of carrying out the non-traditional monetary policy. Thirdly, it puts forward many problems such as the difficulty of withdrawing from the non-traditional monetary policy. Finally, the implementation of non-monetary policy policy recommendations.
【作者单位】：上海财经大学国际工商管理学院;
【分类号】：F821
【正文快照】： 次债危机发生后,受零利率下限(ZeroLower Bound,ZLB)的约束,发达国家货币政策的执行手段发生了重大变化,从传统的以短期名义利率为核心转变为以中央银行资产负债表的调整为核心,这一新的货币政策称为非传统货币政策(Unconventional Monetary Policy,UMP)。零利率下限问题是UM

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