摘要
本文述评了2008—2022年间以美日欧为代表的发达经济体货币政策的演变,尤其是这一时期涵盖了2008年的国际金融危机和2020年初爆发的新冠疫情导致的全球公共卫生健康危机,正值世界百年未有之大变局的特殊阶段。本文从货币政策操作体制、货币政策目标以及货币政策工具和传导机制等维度对发达经济体的货币政策演变进行了全方位分析,尤其重点述评了2008年国际金融危机以来发达经济体推出的以量化宽松为首的非常规货币政策。最后,基于中国当前宏观经济面临的下行压力和多重挑战,探究了对中国的启示和政策建议。
This paper reviews the monetary policy evolution of advanced economies during 2008-2022,which is a special period with radical changes,and covers two global crisis:the 2008 Global Finance Crisis and the 2020 Covid-19 Pandemic.This paper provides a comprehensive analysis regarding three dimensions of monetary policy evolution of advanced economies:monetary policy implementation,monetary policy mandates,and policy tools and transmission channels,and particularly unconventional monetary policy like"Quantitative Easing",conducted by central banks of advanced economies since the 2008 Global Finance Crisis.In the end,The paper also provides inspirations and suggestions to China,based on the multiple challenges and downturn pressures the Chinese economy is facing right now.
作者
肖筱林
XIAO Xiaolin(Guanghua School of Management,Peking University)
出处
《经济管理学刊》
2023年第1期233-258,共26页
Quarterly Journal of Economics and Management
基金
中国人民银行金融研究所和国家自然科学基金面上项目(72073006)对本文研究的支持。
关键词
货币政策操作
非常规货币政策
演变
启示
Monetary Policy Implementation
Unconventional Monetary Policy
Evolution
Inspiration
