2009年美、欧、英、日央行非常规货币政策及其效应比较分析

A Comparative Analysis of the Unconventional Monetary Policies Adopted by the Fed,ECB,BOE and BOJ in 2009 and Their Effects

本文对2009年美、欧、英、日四大经济体中央银行实施的非常规货币政策措施及其效应进行了比较分析,认为四大经济体中央银行的非常规货币政策对缓解其金融危机、改善货币市场运作、恢复市场信心、疏通受堵的货币政策传导机制及支持四大经济体走出衰退和减缓通缩或通胀过度趋缓均做出了积极的贡献。

In this paper, we have made a comparative analysis of the unconventional monetary policies of the Fed, ECB, BOE and BOJ in 2009, with focus on the effects of these policies on the size and composition of their balance sheets, and the LIBOR-OIS spreads and CPI inflation dynamics. We argue that the unconventional monetary policy measures taken by the four major central banks, while being different in their approaches and sizes and with potentially higher inflation risks, have contributed positively to supplying abundant liquidity, reducing the tensions in and mitigating file dysfunction of the money markets, repairing the heavily damaged monetary policy transmission mechanism, moderating deflationary pressure or excessive disinflation and supporting the earlier recovery of their economies.