危机中美国定量宽松货币政策的实施效果——央行资产负债表的视角

Quantitative Easing Monetary Policy's Implementing Effects in US During Crisis:From the Perspective of Central Bank's Balance Sheet

金融危机爆发后,美联储采取定量宽松的货币政策。文章从央行资产负债表的视角,对定量宽松货币政策实施的背景、具体措施进行了阐述,并重点考察了定量宽松货币政策对央行资产、负债及其构成、货币政策决策的影响。研究表明,急剧膨胀的央行资产、大量投放的流动性必然造成将来通胀压力,定量宽松货币政策如何顺利退出,事关经济金融的稳定和货币政策的效果,也是央行在经济复苏阶段面临的新的课题。

After financial crisis, Federal Reserve implemented quantitative easing monetary policy. This paper illustrates its background, approaches, and highlights its effects on central bank＇ s assets, debts and formation of debts from the perspective of central bank＇ s balance sheet. The findings show that inflating central bank＇ s assets coupled with excessive liquidity will inevitably cause great inflation pressure. How quantitative easing monetary policy will be smoothly abandoned determine economic and financial stability and effects of monetary policy, and is a key issue central bank must face up to at the economic revival stage.