后危机时代美国非传统货币政策的退出机制

Research on Unconventional Monetary Policy in United States after the Crisis

2008年次贷危机爆发后,各国为应对迅速恶化的经济和金融状况,纷纷开始实行非传统的货币政策来刺激经济,向金融市场的私人部门和金融机构注入大量的流动性。在美国经济缓慢复苏的同时,大量流动性引发了人们对通货膨胀的担忧。在这种情况下研究非传统货币政策是否应该退出、如何退出,就对经济发展起到至关重要的作用,成为美联储的当务之急。

after the crisis in 2008,the US Federal Reserve began to implement unconventional monetary policies to stimulate the economy,and injected substantial liquidity to the financial institution and private department.With the economy slowly resuscitate,the large quantities of liquidity induced the public to worry about inflation.Under these circumstances,whether the unconventional policies should exit,and how to exit have become an emergency for US Federal Reserve,and the topic has received much attention.The paper analyzed the main macroeconomic indexes and financial indexes in detail,and found that although some financial indexes have come to normal,the macroeconomic indexes are still not good,especially the multiplier is very low,which reflected the balance sheet of banks and private department have not repaired,the unconventional monetary policies need not to exit,but we should get ready for the plan to exit.