关于美国货币量化宽松的传导机理与政策效应的思考  

The US QE transmission mechanism and policy effectiveness

作　　者：刘胜会[1] 

机构地区：[1]中国人民银行研究局

出　　处：《中国货币市场》2011年第7期14-20,共7页China Money

基　　金：中国博士后科学基金第四十五批资助(20090450497)和第三批特别资助项目

摘　　要：文章对货币量化宽松的传导机理和政策效应进行了思考,指出量化宽松货币政策将通过利率传导、资产结构转变与资产再平衡、信贷可得性、信号显示等渠道对金融市场和实体经济产生积极影响,但也会带来诸如损害经济自发增长、长期通胀压力、道德风险和财经纪律松散等问题。政策制定者应坚持以谨慎的原则进行政策创新和操作,处理好政策的短期效应和长期影响、经济成本和社会收益、国内效果和全球影响之间的关系。This paper analyzes the transmission mechanism and policy effect of quantitative easing.It points out that,in addition to the positive impact of QE policy on financial markets and real economy through interest rate transmission,asset structure transformation and asset rebalance,credit availability,signal indication and other channels,QE will also cause problems such as damages to economic growth initiatives,long-term inflation pressure,moral hazard and loosing financial disciplines.Policy makers should carry out policy innovations and operations in accordance with the principle of prudence,and properly deal with the relationships between short-term effects and long-term effects,economic costs and social benefits,domestic effects and global influences.

关 键 词：货币量化宽松 传导机理 政策效应 

分 类 号：F827.12[经济管理—财政学]