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美国非常规货币政策流动性效应的实证研究 被引量:1

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摘要 在流动性陷阱下,货币政策的有效性一直是理论界争论的主要议题之一。金融危机后,货币政策能否破除信用紧缩,成功地为经济发展注入流动性又成为争论的焦点。虽然美国非常规货币政策的信贷传导机制失效,但其直接向市场注入流动性的资产再平衡机制是有效的。从长期来看,美联储购买国债和抵押贷款支持证券与M2均具有显著的正相关关系,而购买机构债券与M2呈显著负相关。在短期内,美国M2存在一个月的惯性,美联储增持国债及抵押贷款支持证券对M2的影响有一定的滞后性,但统计上并不显著。而购买机构债券对促进M2的增长有显著影响,甚至会出现与长期关系相反的现象。
作者 王倩 李文
出处 《社会科学辑刊》 CSSCI 北大核心 2013年第5期100-105,共6页 Social Science Journal
基金 国家社会科学基金重大项目(10GD&054) 中国教育部项目(13YJA790126) 吉林大学基本科研项目(2012QY068)
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