日美量化宽松货币政策的操作方式研究  

Study on Operation Modes of Japanese and American Quantitative Ease Monetary Policies

作　　者：张支南[1] 葛阳琴[1] 

机构地区：[1]安庆师范学院经济与管理学院,安徽安庆246052

出　　处：《现代日本经济》2013年第1期29-34,共6页Contemporary Economy OF Japan

基　　金：国家社科基金青年项目"家族企业成长机制研究"(11CGL038);安徽省教育厅优秀青年人才基金项目"皖江城市带承接产业转移与职业教育互动发展研究"(2012SQRW080);安庆师范学院青年科研基金项目"产业转移与职业教育发展互动研究--基于皖江城市带的实证分析"(SK201119)

摘　　要：在量化宽松货币政策的实施过程中,以日本银行为典型的"定量宽松"政策和以美联储为典型的"信贷宽松"政策在操作方式上存在着较大的差异。不同的量化宽松政策,其目标指向不同,应根据经济运行的具体状况选择不同的货币政策操作方式;我国实施宽松货币政策,应建立在对经济基本面的科学判断基础上,考虑金融体系和市场结构的特殊性,合理借鉴其他国家实践中创新的货币政策工具;宽松货币政策的实施,应该目标明确、操作审慎、可预期性强,并且前瞻性地考虑政策的退出方式。In the process of implementing quantitative ease policy, there exist great differences between the operation modes of BOJ＇s “quantitative ease” policy and FRB＇s “ credit ease”policy. The research on opera- tion modes of Japanese and American quantitative ease monetary policies has important implications for the im- plementation of relatively loose monetary policy in China ： the choice of monetary policy operation mode should be according to concrete economic operation status as different quantitative ease monetary policies have differ- ent directions of aim; China implementing ease monetary policy should build upon scientific judgment of eco- nomic fundamentals, take the specificity of China＇s financial system and market structure into account and make rational use of the new monetary policy tools innovated in other countries practice; the implementing of quantitative ease monetary policy should be targeted, operated cautiously as well as anticipated, and prospec- tively consider the way of policy to fade.

关 键 词：日本银行 美联储 量化宽松 货币政策 操作方式 

分 类 号：F822.0[经济管理—财政学]