美联储量化宽松货币政策实施效果评估与现实借鉴

发布时间：2018-01-01 11:07

本文关键词：美联储量化宽松货币政策实施效果评估与现实借鉴　出处：《改革》2012年03期 　论文类型：期刊论文

【摘要】：2008～2011年,美联储推出的两轮量化宽松货币政策(QE)实施效果与预期有较大落差。基于后凯恩斯主义的内生货币理论,由于货币供给来源于经济体的内生需求,因而中央银行无法外生控制货币供应量,也无法简单地通过量化宽松政策刺激银行体系扩大信贷投放,以达到对内提升需求、扩大就业的政策目标,而对外的货币贬值也不必然能有效改善贸易逆差。中国调控经济、应对危机应该弱化汇率制度对国内政策的限制,完善信贷的内生创造机制,有效发挥政府与市场的互动机制确保就业。
[Abstract]:From 2008 to 2011, the implementation effect of the two rounds of quantitative easing monetary policy launched by the Federal Reserve (QE) is quite different from the expectation. It is based on the post-Keynesian endogenous monetary theory. Because the money supply comes from the endogenous demand of the economy, the central bank can not control the money supply exogenous, nor can it simply stimulate the bank system to expand the credit through quantitative easing. In order to achieve the policy goal of increasing domestic demand and expanding employment, the devaluation of foreign currency is not bound to improve the trade deficit effectively. China should adjust and control the economy and deal with the crisis by weakening the restriction of exchange rate system on domestic policy. Improve the endogenous creation mechanism of credit and effectively exert the interaction mechanism between government and market to ensure employment.
【作者单位】：陕西师范大学国际商学院;
【基金】：教育部人文社会科学青年项目“最后雇主与劳动力缓冲储备:明斯基就业理论及其在中国的实践”(批准号:09YJC790176)
【分类号】：F827.12
【正文快照】： 2008年全球金融危机爆发以来,各国都在寻求走出危机的良策。美联储大规模地降低联邦基金利率(维持在0%~0.25%),及时地充当最后贷款人为美国乃至全球金融体系注入大量流动性。2008年11月、2010年11月两轮量化宽松货币政策(简称QE)的实施意在刺激美国经济,促进消费,降低失业率,

【二级参考文献】