文献类型：期刊文献

中文题名：后危机时代美国量化宽松货币政策退出机制与影响研究

英文题名：Study On The Mechanism And The Impact of Quantitative Easing Monetary Policy Exit in The Post-crisis Era

作者：徐琤[1]

机构：[1]华东理工大学商学院,200237

年份：2015

卷号：27

期号：3

起止页码：72

中文期刊名：上海经济研究

外文期刊名：Shanghai Journal of Economics

收录：CSTPCD;;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：上海市教育委员会科研创新项目<货币内生性与超额货币发行:中国转型经济下的实证研究>;中央高校基本科研业务费专项资金项目<投资驱动发展模式下的超额货币发行实证研究>阶段性研究成果

语种：中文

中文关键词：后危机时代;量化宽松货币政策;退出机制;全球影响

外文关键词：the post-crisis era; Quantitative easing monetary policy; Exit mechanism; The global impact

摘要：2008年欧美国家为应对金融危机,采用量化宽松货币政策刺激经济。在此种政策的作用下,西方各国经济呈现复苏态势;但同时也造成全球资产泡沫和通胀压力。目前量化宽松货币政策已到了退出的时候,然而该项政策的退出是一个具有复杂性、依存性和外部性的系统工程,退出时机、退出策略和退出工具的选择三者相互依存和制约。大国货币政策在转变过程中需要充分考虑货币政策的调整对于全球经济增长的影响,即各国货币政策具有内在的相互依赖性和政策一体化效应。文章以美国为例,分析了中央银行(美联储)退出量化宽松政策对实体经济和世界经济的影响,提出了如何退出量化宽松货币政策的具体方法和步骤,并就我国应对美国退出量化货币宽松政策提出了政策建议。
When the failure of the conventional monetary policy, usingquantltatlve easing monetary poncy is an expedient measure, its purpose is to promote the normal operation of financial markets, maintaining finan- cial stability. Quantitative easing is used to be in Japan in 2001 for the first time. European and American coun- tries have also used quantitative easing policy in response to the financial crisis in 2008. Quantitative easing monetary policy makes the U. S. economic recovery; at the same time quantitative easing monetary policy caused the global asset bubbles and inflation. After Economic recovery, quantitative easing monetary policy will exit. In the post-crisis era, exiting of quantitative easing monetary policy effectively, needs to have a perfect exit mechanism, involving the exit time, the influence of strategy selection, combination tools and exit mecha- nism. From the point of theory and experience, quantitative easing monetary policy exit is a work system with complexity, dependability and externality. Need to consider the monetary policy impact on the global economic growth ,because global monetary policy has intrinsic interdependence and integration effect.