疫情冲击下美国货币政策的发展特征、效果及挑战

Characteristics,Effects and Challenges of US Monetary Policies under Impacts of COVID-19

从疫情暴发以来的美联储货币政策特征及未来走势看,联储已将QE常态化,形成了财政政策及债务货币化的模式,并进一步向信贷政策货币化模式演化。实践表明,宽松货币政策可以增加货币供给,但无法解决货币流通速度下降问题,同时,联储直接参与信贷分配,会加剧信息不对称,影响资源配置效果,延缓供给侧复苏进程。

Judging from the characteristics and future trend of the Fed’s monetary policies since the outbreak of the COVID-19 pandemic,the Fed has made QE a normalized practice,and formed a model that monetizes fiscal policies and debts,which is to further monetize credit policies.Practice has shown that though an accommodative monetary policy can increase money supply,it cannot solve the problem of declining velocity of money.At the same time,the Fed’s direct participation in credit distribution will aggravate information asymmetry,affect the effects of resource allocation,and delay the process of supply-side recovery.