美国金融生态的恶化与量化宽松货币政策就业效应的失灵

The Deterioration of U.S. Financial Ecology and the Employment Effects Failure under the Quantitative Easing Monetary Policy

在量化宽松货币政策下,美国的经济衰退得到了显著遏制,但失业率却持续在高水平运行,表明量化宽松货币政策对降低失业水平无效。研究显示,金融危机造成了美国金融生态的明显恶化,银行体系采取了紧缩信贷的应对措施,因此,美国政府通过量化宽松货币政策释放的流动性被截留在银行体系内部,不能形成满足市场投资需求的流动性供给,国内投资不能扩张,失业率就不可能下降,其结果必然导致量化宽松货币政策就业效应的失灵。

Under the quantitative easing monetary policy,the U.S economic recession has been significantly curbed,but the unemployment rate continues to run at a high level,it indicates that the quantitative easing monetary policy＇ aim is not valid. Research shows that the financial crisis has brought a significant deterioration in U.S.financial ecology,and the U.S.banking system decreased the scale of credit.Therefore,the released liquidity has been retained in the banking system,so the market demand for liquidity can not be met.The domestic investment can not be expanded,the unemployment rate can not be declined,and the result will inevitably lead to the employment effects failure under the quantitative easing monetary policy.