量化寬松貨幣政策的傳導(dǎo)機制與政策效果研究——基于央行資產(chǎn)負債表的跨國分析
發(fā)布時間:2019-07-16 14:30
【摘要】:金融危機爆發(fā)之后,發(fā)達經(jīng)濟體紛紛啟用了量化寬松的貨幣政策,量化寬松貨幣政策的實施不僅為金融市場注入了大量流動性,有效地緩解了金融市場波動,而且在一定程度上修復(fù)了受損的貨幣政策傳導(dǎo)機制,促進私人部門的消費和投資,延緩了經(jīng)濟衰退和刺激了經(jīng)濟復(fù)蘇。本文從央行資產(chǎn)負債表的角度考查了各經(jīng)濟體量化寬松貨幣政策實施機制和政策效果。對量化寬松貨幣政策的緣起進行闡述的基礎(chǔ)上,分析了量化寬松貨幣政策的央行資產(chǎn)負債表傳導(dǎo)機制及美、歐、英、日四個經(jīng)濟體央行量化寬松貨幣政策的的實踐及其政策效果。
[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.
【作者單位】: 中國人民大學(xué)財政金融學(xué)院;中國銀行博士后工作站;
【基金】:第51批中國博士后科學(xué)研究基金(2012M510717)面上資助
【分類號】:F821.0;F224
本文編號:2515121
[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.
【作者單位】: 中國人民大學(xué)財政金融學(xué)院;中國銀行博士后工作站;
【基金】:第51批中國博士后科學(xué)研究基金(2012M510717)面上資助
【分類號】:F821.0;F224
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