摘要
2008年爆发的金融危机导致美国经济形势急剧恶化。在联邦基金利率接近于零的情况下,美联储不得不依靠非传统货币政策来稳定宏观经济。本文在梳理相关文献的基础之上,力图厘清美联储的两大非传统货币政策工具——前瞻指引与量化宽松政策的概念内涵、演变脉络与传导机制,分析非传统货币政策对美国金融市场与宏观经济产生的影响,并指出非传统货币政策的实施给美联储信誉、美国金融市场波动、劳动力市场运行和宏观经济走势带来的一些潜在风险与挑战。
The financial crisis breaking out in 2008 trapped the American economy in a plight. With a federal funds rate close to zero, Federal Reserve System had to rely on unconventional monetary policy to stabilize the macroeconomy. Based on a survey of related literature, this article tries to understand the two unconventional monetary policy instruments implemented in the United States: Quantitative Easing and Forward Guidance. It analyzes the definition, evolution and conductive mechanism of the two instruments and discusses their effects on the financial market and economy of the United States.It also points out some challenges and potential risks of the unconventional monetary policy for the reputation of Fed, stability of financial market, labor market, and macroeconomy.
出处
《金融评论》
CSSCI
北大核心
2015年第5期100-115,126,共16页
Chinese Review of Financial Studies
关键词
非传统货币政策
量化宽松政策
前瞻指引
Unconventional Monetary Policy
Quantitative Easing
Forward Guidance
