滞胀风险下对美联储非常规货币政策的回顾与反思——一个政治经济学的视角  

A Review on Unconventional Monetary Policies Under Stagflation Risk——A Perspective From Political Economy

作　　者：李彬 LI Bin(Academy of Marxism,Chinese Academy of Social Sciences,Beijing 100732,China)

机构地区：[1]中国社会科学院马克思主义研究院,北京100732

出　　处：《齐鲁学刊》2023年第5期119-128,共10页Qilu Journal

摘　　要：运用政治经济学的理论框架,回顾自2008年全球金融危机以来美联储在应对金融危机和新冠疫情冲击中采用的一系列非常规货币政策,可借以探讨非常规货币政策的实际效果及潜在风险。美联储的非常规货币政策通过调节中央银行资产负债表结构和规模的方式,在短期中缓和了资产价格的下跌和信用体系的收缩,减轻了经济冲击,但这种政策实质上是将生产过剩所导致的价值丧失内化到货币体系,然后借助美元的世界货币职能将部分价值损失转移给其他国家。这一过程扭曲了价格体系,加剧了收入差距和不平等,加深了资本过剩、金融泡沫等问题。因此,非常规货币政策并未解决经济中已有的结构性问题,反而增加了其滞胀风险。非常规货币政策在短期内会取得一定效果,但更需关注其长期负面影响,应寻求更加综合的解决方案,包括优化产业结构、推动产业升级、完善劳动力市场和社会保障体系等,以实现经济的平稳健康可持续发展。Using a theoretical framework of political economy,this study reviews a series of unconventional monetary policies implemented by the US Federal Reserve in response to the global financial crisis and COVID-19 pandemic.It discusses the practical effects and potential risks of such policies.I argue that the unconventional monetary policies of the Federal Reserve have,in the short term,alleviated the contraction of asset prices and credit systems and reduced the economic impact by adjusting the structure and scale of its central bank’s balance sheet.However,this policy essentially internalizes the value loss caused by production overcapacity into the monetary system and transfers the value loss to other countries through the unequal exchange of the US dollar’s global currency function and currency value.This process distorts its price system,exacerbates income inequality,and deepens problems such as capital surplus and financial bubbles.Therefore,unconventional monetary policy has not solved the structural problems of the US economy,but instead increased its stagflation risk.This study emphasizes that the short-term effects of the Federal Reserve’s unconventional monetary policy may be positive,but its long-term negative effects should be considered.A more comprehensive solution should be sought,including optimizing industrial structure,promoting industrial upgrading,improving labor market policies,and enhancing social security systems,to achieve long-term economic growth.

关 键 词：非常规货币政策 经济危机 滞胀 马克思主义货币金融理论 

分 类 号：F832[经济管理—金融学] B522[哲学宗教—外国哲学]