美联储“量化宽松”货币政策的原因、影响与启示

Research on the Reason, Implication and Enligh-tenment of the Quantitative Ease Monetary Policy Adopted by the U.S. Federal Reserve

为应对全球金融危机,美联储实施了非常时期的"量化宽松"货币政策。本文对美联储实施该政策的原因、积极和消极影响进行了深入分析。同时,美联储未雨绸缪,提出该政策的退出机制,对我国今后一段时期如何在经济逐步启稳后把握恰当的时机和节奏实现适度宽松货币政策的及时转向,防范通货膨胀和资产泡沫风险具有非常重要的启示。

The Federal Reserve has implemented the extraordinary quantitative easing monetary policy to conquer the global financial crisis. The paper has an in-depth analysis on the reasons as well as the active and passive influences of this policy. Meanwhile the precautionary exit strategy of the Federal Reserve has an important enlightenment to China on when and how to transform the moderately loose monetary policy in order to avoid the risk of high inflation and asset bubble.