各国央行非常规货币政策综述

美国次贷危机爆发以来,全球金融系统和实体经济遭遇了严重冲击,为了有效缓解负面冲击,各国央行纷纷推出各种宽松性货币政策,但在实际应用中,传统货币政策不能有效克制危机,美联储等央行纷纷求助于量化宽松等新型非常规货币政策。目前来看,非常规货币政策产生了积极影响,美国等经济体实现了就业的改善、金融系统的稳定和经济增长的复苏。为全面了解货币政策,本文系统归纳了美联储等央行采取的各类非常规货币政策,探讨了非常规货币政策的实施途径及效能得失,并总结了美联储采取非常规货币政策的主要经验。

A Summary of Unconventional Monetary Policies of Central Banks

Since the outbreak of the US subprime mortgage crisis,the global financial system and the real economy have suffered severe shocks.In order to effectively alleviate negative shocks,central banks of various countries have introduced various loose monetary policies.However,in actual applications,traditional monetary policies cannot effectively respond to the crisis.Central banks such as the Federal Reserve have turned to new unconventional monetary policies such as quantitative easing.At present,unconventional monetary policies have had a positive impact,and economies such as the United States have achieved improvements in employment,stability of the financial system,and recovery of economic growth.In order to comprehensively understand monetary policy,this article systematically summarizes various unconventional monetary policies adopted by the Fed and other central banks,discusses the implementation methods and effectiveness of unconventional monetary policies,and summarizes the main experience of the Fed's unconventional monetary policies.