美联储资产负债表政策的可持续性和退出路径研究
发布时间：2019-03-29 16:38
【摘要】：美国进入加息周期,资产负债表政策的可持续问题和退出路径被提上日程。文章从美联储财务实力入手,发现当财务实力较强时,资产负债表政策表现较好。通过建立VAR模型分析发现:资产负债表政策对金融稳定性的边际效用呈现递减趋势;利率政策同资产负债表政策之间存在替代效应;资产负债表政策存在"价格之谜"。美联储资产负债表政策已经在逐步退出,但是仍然要谨慎选择退出路径、工具和时机,实现资产负债表政策向传统政策的平稳过渡。
[Abstract]:As the United States enters a rate-raising cycle, the sustainability of balance-sheet policy and exit paths are on the agenda. Starting with the financial strength of the Federal Reserve, the paper finds that when the financial strength is strong, the balance sheet policy performs well. Through the analysis of VAR model, it is found that the marginal utility of balance sheet policy to financial stability is decreasing, the substitution effect exists between interest rate policy and balance sheet policy, and the balance sheet policy has "price mystery". The Fed's balance sheet policy has been phased out, but it is still important to carefully choose the exit path, tools and timing to achieve a smooth transition from balance sheet policy to traditional policy.
【作者单位】： 安徽大学经济学院;
【分类号】：F827.12
，
本文编号：2449706
[Abstract]:As the United States enters a rate-raising cycle, the sustainability of balance-sheet policy and exit paths are on the agenda. Starting with the financial strength of the Federal Reserve, the paper finds that when the financial strength is strong, the balance sheet policy performs well. Through the analysis of VAR model, it is found that the marginal utility of balance sheet policy to financial stability is decreasing, the substitution effect exists between interest rate policy and balance sheet policy, and the balance sheet policy has "price mystery". The Fed's balance sheet policy has been phased out, but it is still important to carefully choose the exit path, tools and timing to achieve a smooth transition from balance sheet policy to traditional policy.
【作者单位】： 安徽大学经济学院;
【分类号】：F827.12
，
本文编号：2449706
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