量化宽松货币政策的传导机制与政策效果研究——基于央行资产负债表的跨国分析

发布时间：2019-07-16 14:30

【摘要】：金融危机爆发之后,发达经济体纷纷启用了量化宽松的货币政策,量化宽松货币政策的实施不仅为金融市场注入了大量流动性,有效地缓解了金融市场波动,而且在一定程度上修复了受损的货币政策传导机制,促进私人部门的消费和投资,延缓了经济衰退和刺激了经济复苏。本文从央行资产负债表的角度考查了各经济体量化宽松货币政策实施机制和政策效果。对量化宽松货币政策的缘起进行阐述的基础上,分析了量化宽松货币政策的央行资产负债表传导机制及美、欧、英、日四个经济体央行量化宽松货币政策的的实践及其政策效果。
[Abstract]:After the outbreak of the financial crisis, developed economies have launched quantitative easing monetary policy. The implementation of quantitative easing monetary policy has not only injected a lot of liquidity into the financial market, effectively alleviated the fluctuations in the financial market, but also repaired the damaged monetary policy transmission mechanism to a certain extent, promoted private sector consumption and investment, delayed the economic recession and stimulated economic recovery. This paper examines the implementation mechanism and policy effect of quantitative easing monetary policy in various economies from the perspective of central bank balance sheet. On the basis of expounding the origin of quantitative easing monetary policy, this paper analyzes the transmission mechanism of central bank balance sheet of quantitative easing monetary policy and the practice and policy effect of central bank quantitative easing monetary policy in the United States, Europe, Britain and Japan.
【作者单位】：中国人民大学财政金融学院;中国银行博士后工作站;
【基金】：第51批中国博士后科学研究基金(2012M510717)面上资助
【分类号】：F821.0;F224

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