本文關(guān)鍵詞： 美國(guó) 量化寬松 傳導(dǎo)機(jī)制 就業(yè)效應(yīng)　出處：《廣東財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：2008年金融危機(jī)使得全球經(jīng)濟(jì)遭受重創(chuàng)，為了防止危機(jī)進(jìn)一步深化，刺激經(jīng)濟(jì)復(fù)蘇，美國(guó)、英國(guó)以及日本等一些受損嚴(yán)重國(guó)家的中央銀行在嘗試使用傳統(tǒng)貨幣政策工具失敗之后，立即采取非常規(guī)的貨幣政策如零利率承諾、以調(diào)整中央銀行資產(chǎn)負(fù)債表的規(guī)模和/或結(jié)構(gòu)的量化寬松貨幣政策等，效果不一。美國(guó)、英國(guó)及日本等國(guó)家的量化寬松貨幣政策備受關(guān)注，尤以美國(guó)為最。 本文通過(guò)理解和梳理國(guó)內(nèi)外相關(guān)研究，比較系統(tǒng)的分析了量化寬松貨幣政策的理論基礎(chǔ)、傳導(dǎo)機(jī)制、實(shí)踐效果以及政策效應(yīng)。其中，本文通過(guò)單位根檢驗(yàn)、協(xié)整檢驗(yàn)、Granger因果檢驗(yàn)、VAR模型等多種計(jì)量方法對(duì)美國(guó)量化寬松貨幣政策效應(yīng)進(jìn)行了實(shí)證檢驗(yàn)。實(shí)證結(jié)果表明：首先，，美國(guó)量化寬松貨幣政策對(duì)于刺激經(jīng)濟(jì)增長(zhǎng)是有效的。因?yàn)樵撜吲蛎浟素泿殴┙o，而貨幣供給的擴(kuò)張帶來(lái)了物價(jià)水平的上漲和產(chǎn)出的提高，從而使得經(jīng)濟(jì)形勢(shì)好轉(zhuǎn)。因此，美國(guó)通過(guò)量化寬松貨幣政策應(yīng)對(duì)本次金融危機(jī)總體而言是有效的；第二，美國(guó)量化寬松貨幣政策對(duì)于促進(jìn)就業(yè)是有效的，但是由于大部分流動(dòng)性進(jìn)入到虛擬經(jīng)濟(jì)中，追逐資產(chǎn)的升值，所以對(duì)實(shí)體經(jīng)濟(jì)刺激并不是很大，導(dǎo)致就業(yè)效應(yīng)不顯著。最后結(jié)合實(shí)踐效果和效應(yīng)實(shí)證結(jié)果，本文就美國(guó)量化寬松貨幣政策對(duì)中國(guó)的啟示進(jìn)行了討論，并對(duì)該政策可能帶來(lái)的不利沖擊提出了中國(guó)應(yīng)該采取的對(duì)策建議。
[Abstract]:In 2008, the global economy was hit hard by the financial crisis. In order to prevent the crisis from deepening and to stimulate economic recovery, the central banks of some seriously damaged countries, including the United States, the United Kingdom and Japan, failed in trying to use traditional monetary policy instruments. The immediate adoption of unconventional monetary policies, such as zero interest rate commitments to adjust the size and / or structure of the balance sheet of the Central Bank, has had a mixed effect. Quantitative easing in countries such as the UK and Japan has attracted much attention, especially in the United States. This paper systematically analyzes the theoretical basis, transmission mechanism, practical effect and policy effect of the monetary policy of quantitative easing by understanding and combing the relevant studies at home and abroad. Cointegration test Granger causality test and VAR model are used to test the monetary policy effect of quantitative easing in the United States. The United States quantitative easing monetary policy is effective in stimulating economic growth, because it inflates the money supply, and the expansion of the money supply leads to higher prices and higher output, thus making the economic situation better. The United States is effective in dealing with the financial crisis through quantitative easing monetary policy. Second, quantitative easing monetary policy is effective in promoting employment, but most of the liquidity flows into the virtual economy. In pursuit of the appreciation of assets, the stimulus to the real economy is not great and the employment effect is not significant. Finally, combining with the practical effect and the empirical results of the effect, this paper discusses the implications of the monetary policy of quantitative easing in the United States to China. And put forward the countermeasures that China should adopt to the possible adverse impact of this policy.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F827.12

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