美联储应对新冠疫情冲击的救市方案:特征与理论分析  

A Study on the Features and Theories of the US Federal Reserve’s Rescue Plan in Response to the COVID-19 Crisis

作　　者：章玉贵[1] 徐永妍 ZHANG Yu-gui;XU Yong-yan(Shanghai International Studies University,200083)

机构地区：[1]上海外国语大学国际金融贸易学院,200083 [2]上海外国语大学国际关系与公务事务学院,200083

出　　处：《上海经济研究》2020年第6期97-106,共10页Shanghai Journal of Economics

摘　　要：文章分析了美联储在2020年3月为应对新冠肺炎疫情对金融市场的冲击,而推出"零利率+无限量QE"的政策组合等救市方案的背景、特征与市场反应。论述了美联储应对新冠疫情的救市方案已突破了传统货币理论的限制。并结合现代货币理论的兴起及其政策主张的分析,论证了美联储的救市方案事实上在推行现代货币理论。研究结果表明,美联储基于现代货币理论的救市方案,尽管在一定程度上起到了稳定市场的作用,却可能带来严重的中长期风险。我国决不能引入现代货币理论作为经济发展的理论指导,必须严控债务风险。The US Federal Reserve implemented a series of policies in March 2020 in response to the influences of the COVID-19 epidemic on its financial market,including a combination of"ZIRP(zero-interest-rate policy)and unlimited QE(quantitative easing)".This paper analyzes the background,features and market reactions to these policies and argues that the Federal Reserve′s rescue plan breakes through the constrained boundary of traditional monetary theory.Combined with the analysis on the rise of modern monetary theory and its policy propositions,the paper suggests that this rescue plan is actually promoting modern monetary theory.The findings show that although the Federal Reserve′s rescue plan guided by the modern monetary theory can be a temporary relief in this case of emergency,it may bring serious risks in the medium and long run.China must not introduce modern monetary theory as the theoretical guidance of the economic development,and must strictly control debt risks.

关 键 词：新冠肺炎疫情 美联储 现代货币理论 量化宽松 金融市场 

分 类 号：F82[经济管理—财政学]