金融危机中的货币政策理论分析与启示

全球经济危机袭来,各国在推出巨额经济刺激计划的同时,其央行也采取了激进的政策措施,实施了降息甚至零利率的货币政策,美联储等还采取了购买长期国债的非常规手段.本文分析了金融危机中货币政策选择人的困局,指出货币政策的首要作用是提供流动性和稳定金融体系,并可以通过量化宽松、征收持有货币税等操作改变投资者预期、降低长期利率甚至突破零利率的限制,从而进一步发挥货币政策的作用.最后,本文分析了制约货币政策手段生效的因素,得出其对我国货币政策选择的若干启示.

Theoretical Analysis of Current Monetary Policy under Financial Crisis and Its Implications

With the global economic crisis hitting the world economy,the world launches a huge economic stimulus plan.At the same time,the central bank has also adopted radical policy measures.Federal Reserve,the Bank of Japan has been implementing zero interest rate monetary policy.Other central banks cut interest rates to the historic low.The Fed has taken non-conventional means of purchasing long-term treasury bonds.During the crisis,what monetary policy should be chosen? What measures can be taken? Do the measures...