美联储非传统货币政策及其对我国货币政策的启示
发布时间：2019-07-18 09:17
【摘要】：为应对金融危机与经济大衰退,在用尽传统货币政策的背景下,美联储实施了引导市场预期、扩张自身资产负债表规模与调整自身资产负债表结构等非传统货币政策。从理论来看,通过信号渠道与资产组合平衡渠道,非传统货币政策能够改善融资环境、刺激经济复苏;从实证来看,实施非传统货币政策,有助于维护主要金融市场的稳定,提高产出与增加就业岗位。但是,美国的失业率仍在8%以上,这表明,仅依靠货币政策并不能完全解决美国的就业问题。
[Abstract]:In order to deal with the financial crisis and the Great Recession, under the background of exhausting the traditional monetary policy, the Federal Reserve has implemented some non-traditional monetary policies, such as guiding market expectations, expanding the size of its balance sheet and adjusting its balance sheet structure. From a theoretical point of view, through signal channels and portfolio balance channels, non-traditional monetary policy can improve the financing environment and stimulate economic recovery. From an empirical point of view, the implementation of non-traditional monetary policy is helpful to maintain the stability of major financial markets, improve output and increase jobs. However, the unemployment rate in the United States is still above 8 percent, suggesting that monetary policy alone will not completely solve the employment problem in the United States.
【作者单位】： 天津财经大学;
【基金】：国家社科基“人民币国际化进程中我国货币政策与汇率政策协调研究”(11&ZD017) 天津社科基金项目“金融结构变迁背景下宏观审慎政策与货币政策的关系研究”(TJYY12-022)的阶段性成果
【分类号】：F827.12;F822.0
本文编号：2515786
[Abstract]:In order to deal with the financial crisis and the Great Recession, under the background of exhausting the traditional monetary policy, the Federal Reserve has implemented some non-traditional monetary policies, such as guiding market expectations, expanding the size of its balance sheet and adjusting its balance sheet structure. From a theoretical point of view, through signal channels and portfolio balance channels, non-traditional monetary policy can improve the financing environment and stimulate economic recovery. From an empirical point of view, the implementation of non-traditional monetary policy is helpful to maintain the stability of major financial markets, improve output and increase jobs. However, the unemployment rate in the United States is still above 8 percent, suggesting that monetary policy alone will not completely solve the employment problem in the United States.
【作者单位】： 天津财经大学;
【基金】：国家社科基“人民币国际化进程中我国货币政策与汇率政策协调研究”(11&ZD017) 天津社科基金项目“金融结构变迁背景下宏观审慎政策与货币政策的关系研究”(TJYY12-022)的阶段性成果
【分类号】：F827.12;F822.0
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