量化宽松货币政策的实践--以日本为例被引量：27

Quantitative Easing Monetary Policy:Experience of Japan

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摘要本文旨在通过总结日本实施零利率政策和数量宽松货币政策的历史经验,认识特殊经济环境下货币政策的影响渠道和效果,从而为理解当前发达国家的非常规货币政策提供参照。本文回顾了日本实施数量宽松货币政策的背景,历程及其影响,并从日本的经济现实探讨了影响数量宽松货币政策效果的因素。本文指出,应对金融资产价格泡沫破灭产生的需求萎缩,常规和非常规的货币政策可能都难以奏效,但及时稳定金融市场将有助于经济的复苏。这是非常规货币政策的主要功效。 This paper aims to analyze the monetary policy transmission mechanism at zero interest rate constrains by investigating Japan＇s Zero Interest Rate Policy and Quantitative Easing Policy since 1995.We discuss the causes and consequences of Japan＇s QEP,explore the roles of macro-economic factors which contribute to the ineffectiveness of QEP.We doubt that neither the conventional or unconventional monetary policy is effective when facing demand shrink caused by the burst of asset bubbles.The most important effect of QEP is that it can stabilize the financial market which will help facilitate the transmission of monetary stimulus.

作者万志宏曾刚

机构地区南开大学国际经济研究所中国社会科学研究院金融研究所

出处《国际金融研究》 CSSCI 北大核心 2011年第4期10-17,共8页 Studies of International Finance

关键词数量宽松货币政策传导机制金融稳定 Quantitative Easing Policy Transmission Mechanism Financial Stability

分类号 F831 [经济管理—金融学]

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