中央银行资产负债表与量化宽松货币政策研究——基于美联储资产负债表的考察

国际金融危机以来,以中央银行资产负债表为核心的量化宽松货币政策得到了大规模应用,对稳定金融市场并促使经济走上复苏的轨道起到了重要作用。本文从中央银行资产负债表的角度对量化宽松货币政策进行考察,首先研究了资产负债表渠道下量化宽松货币政策的传导机制,其次以美联储资产负债表为例分析了量化宽松货币政策的运转机理,最后分析了量化宽松的潜在影响、退出机制及对货币政策的启示。

Since the international financial crisis, quantitative easing monetary, policy, the core of which is the central bank＇s bal- ance sheet, has been widely applied, and played an important role in stabilizing the financial market and promoting economic recovery. We conduct deep investigation on quantitative easing monetary from the point of view of central bank＇s balance sheet. Firstly, we study the transmission mechanism of quantitative easing monetary policy under the channel of balance sheet. Secondly, we analyzed the operation mechanism of quantitative easing monetary policy through the Fed＇s balance sheet. Final- ly, we appoint the potential influences, exit mechanism, and implications for monetary policy.