主要发达国家和地区央行货币政策操作差异与效果的比较分析

The Monetary Policies in Response to the Financial Turmoil:an International Comparison and Economic Analysis

次贷危机及其随后的金融危机爆发后,为了稳定市场,提振信心,刺激经济,各国央行纷纷采取扩张性的货币政策。因危机对各国经济、各国金融体制、各国央行的决策制度影响不同,各央行扩张货币政策的操作时机、工具选择、扩张程度、退出战略等存在明显的差异,对我国货币政策选择及战略决策具有一定的启示。

During the current episode of financial turmoil,those central banks of major economies have taken a number of traditional and nontraditional policy actions,such as QE Policy. But the monetary policies of major economies are not always the same. This paper discusses the difference of the pace,strength,manner and the instruments of monetary policies of central banks,focuses on the political and economical causes of the difference. It shows that,the economic structure,the financial system,the effect and expectation of macroeconomic determine the choice and exit of monetary policy.