导　　师： 肖芍芳

学科专业： 020105

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

摘　　要： 随着经济危机的加深，美国政府已推出了四轮量化宽松货币政策来调控经济。所谓的量化宽松货币政策是一种非传统货币政策。在次贷危机后，美国选择了这种政策对经济进行调控。 首先，本文对整篇文章的框架结构、选题意义等进行简要介绍。然后介绍了该政策的理论基础，该政策的理论基础可以追溯到凯恩斯建立的宏观经济学体系，而第一次提出量化宽松货币政策这个概念的是克鲁格曼。之后本文着重介绍了量化宽松货币政策的政策工具，并对其传导途径进行了简要分析，还将其与传统货币政策进行比较，找出两者之间的区别。在第三章，本文对美国量化宽松货币政策运行情况进行了描述，在四轮的量化宽松货币政策中，美联储共为市场注入过万亿的资金。在政策实施之后，美国的经济情况有所改善。然后，本文通过美国现在的经济数据，运用计量模型对该政策的效果进行分析。分析结果表明，量化宽松货币政策在短期内对于增加流动性，防止通货紧缩，促进就业，刺激经济复苏有一定作用，而长期效果更为明显。从总体上来说，量化宽松货币政策对美国经济的调控是有一定效果的，长期效果更为明显。但此政策的实施受到各种因素的制约，因此政策本身仍有改进的地方。此外，本文认为，通过汇率和资产价格渠道的传导，量化宽松货币政策有效性较为明显。而且对于降低长期利率，该政策也有一定效果。但政策在信贷渠道则无法有效传导。因此，美联储应该优化其政策工具和实施政策的环境，提高政策的有效性。本文还认为美国量化宽松货币政策对中国经济会造成一些影响，因此提出防范美国政策对我国经济冲击的建议。而且美国在金融领域的研究处于先进水平，其在危机中所采用的政策时值得关注的。虽然对这种政策的讨论有不同的意见，但量化宽松货币政策也必定有其可取之处，因此美国应对危机的经验对我国货币政策实践有一定的启示。 With the deepening of the economic crisis, the US government has carried outthe fourth round of quantitative easing monetary policy to regulate the economy.Quantitative easing monetary policy is an unconventional monetary policy. After thesub-prime credit crisis, United State chooses this policy to regulate the economy. First, we introduce the frame of the article, the significance of the research andso on. Then the introduction of the theoretic basis of this policy is given in this article.The theoretic basis can be traced back to the macroeconomic system which is foundedby Kaynes, and Krugman put forward the theory of quantitative easing monetarypolicy first. The article also introduces the monetary tool of quantitative easingmonetary policy, and analysis its transmission channels. The quantitative easingmonetary policy is compared with traditional monetary policy as well and thedifference between them is found. In the Chapter Three, we describe the operatingconditions of the quantitative easing monetary policy first. In four rounds ofquantitative easing monetary policy, the Fed injected more than trillion funds to themarket. After that, the economic condition of Unite State has been improved. Then thearticle uses the models of econometrics to analyze the effect of this policy based onthe current economic data of America. After the analysis, we discover that quantitativeeasing monetary policy is effective on increasing liquidity, preventing deflation andunemployment, stimulating the economic recovery and the effect in the long term isstrong.The practice of this policy is restricted by many factors and the policy has itsweak point. What is more, we agree that the quantitative easing monetary policy ismore effect through the channel of exchange rate and asset prices. And the policy hassome effect on reducing the long-term interest rate. But the policy is not effectthrough the channel of credit. And the article also finds that Quantitative easingmonetary police in the Unite State will cause some impact on Chinese economic. Sosome suggestions on preventing American shock to our economic are raised. UniteState is advanced in the world. So what measures the Fed take should be attention byus. Therefore, we can learn the experience of the Unite State response to the crisis andimprove our monetary policy.

关 键 词： 量化宽松货币政策 有效性 流动性

分 类 号： [F827.12]

领　　域： [经济管理]