非传统货币政策解析——以美国的该政策实践为例

Analysis of the Unconventional Monetary Policy: the Case of the U.S

美国次债问题引发全球性金融危机后,非传统货币政策成为发达国家普遍采用的新货币政策。它将中央银行管理流动性的执行手段由传统货币政策下的短期名义利率转变为调整中央银行资产负债表的规模、结构和内容。针对这一政策,首先,本文准确界定了该政策的内涵和分类;其次,以美联储资产负债表为基础深入探讨了非传统货币政策的具体执行手段;再次,提出非传统货币政策有退出困难等诸多问题;最后,就非货币政策的执行提出政策建议。

The unconventional monetary policy （UMP） is a new type of monetary policy coming into being universally in the developed countries after the occurrence of the financial crisis which was triggered by the sub-prime crisis. The instru-ment of UMP is to modify the scale, structure and content of the central bank’s balance of sheet which is different from the nominal short-run interest rate under the conventional monetary policy. Firstly, the key concepts on the UMP are defined in this paper. Secondly, the specific tools of UMP are introduced based on the practice of UMP conducted by the Federal Re-serve. Thirdly, the problems of the UMP are discussed such as the difficulties of its exit. Fourthly, the effects of UMP are judged based on the related research, and the reasons for UMP＇s non-significant effects are analyzed from the point of trans-mission mechanisms of UMP. In the end, suggestions regarding the implementation of UMP are provided.