美联储量化宽松货币政策实施效果评估与现实借鉴

2008～2011年,美联储推出的两轮量化宽松货币政策(QE)实施效果与预期有较大落差。基于后凯恩斯主义的内生货币理论,由于货币供给来源于经济体的内生需求,因而中央银行无法外生控制货币供应量,也无法简单地通过量化宽松政策刺激银行体系扩大信贷投放,以达到对内提升需求、扩大就业的政策目标,而对外的货币贬值也不必然能有效改善贸易逆差。中国调控经济、应对危机应该弱化汇率制度对国内政策的限制,完善信贷的内生创造机制,有效发挥政府与市场的互动机制确保就业。

The Effect Evaluation and the Enlightenment of the Quantitative Easing Policy in the United States

From 2008 to 2011,the FED carried out the Quantitative Easing Policy(QE),the United States government expected to counteract the recession by low interest rates and dollar depreciation policies.However data showed that QE policy the actual effect is not satisfied expectations.Based on the Keynesian endogenous money theory,because that the money supply comes from endogenous demand,the central bank can’t exogenously control money supply,also can’t simply achieve through the QE to boost the money supply,or improve the credit expansion and promote domestic demand,hence expand employment.And foreign currency devaluation will not necessarily improve trade deficit.Therefore,to answer crisis and control economy,China should reduce the influence of exchange system to national policies,and perfect creating mechanism of credit,and make the interactive mechanism between government and market play function to ensure employment.