非常规货币政策运行机理、政策效果及风险分析

发布时间：2018-01-16 12:29

本文关键词：非常规货币政策运行机理、政策效果及风险分析　出处：《金融发展评论》2016年12期 　论文类型：期刊论文

【摘要】：本文在对全球金融危机之后主要国家中央银行非常规货币政策运行的经济学机理和工具分类进行分析的基础上,探讨了非常规货币政策效果及其风险。虽然非常规货币政策有效促进了金融市场稳定,恢复金融体系功能,但政策的边际效果逐渐下降,在产出通胀等货币政策最终目标等方面的作用并不理想,负利率在不同国家促进通胀预期和稳定汇率等方面的作用表现也并不一致。在全球金融危机持续将近十年的今天,作为临时性例外手段的非常规货币政策表现出常规化的倾向。本文对非常规货币政策可能引发的各种风险进行了深入的分析。
[Abstract]:This paper analyzes the economic mechanism and instrumental classification of the unconventional monetary policy of the central banks of major countries after the global financial crisis. This paper discusses the effect of unconventional monetary policy and its risks. Although unconventional monetary policy can effectively promote the stability of financial market and restore the function of financial system, the marginal effect of policy is gradually declining. The role of monetary policy, such as output inflation, in terms of the ultimate goal of monetary policy is not ideal. The role of negative interest rates in promoting inflation expectations and stabilizing exchange rates in different countries is also inconsistent. Today, the global financial crisis continues for nearly a decade. As a temporary exception, unconventional monetary policy shows a tendency to be regularized. This paper makes an in-depth analysis of various risks that may be caused by unconventional monetary policy.
【作者单位】：中国社会科学院;北京大学;中国人民银行营业管理部;
【分类号】：F822.0
【正文快照】： _、弓I言全球金融危机之后,为了稳定金融体系、促进经济增长,主要发达经济体中央银行采取了大规模的非常规货币政策(Unconventional Monetary Policy)。所谓“非常规”货币政策,主要是与全球金融危机之前相较而言。在危机爆发之前,至少从1980年代中期以来,除了日本之外的主

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