量化宽松货币政策的实践——以日本为例

被引:29
作者
万志宏 [1 ]
曾刚 [2 ]
机构
[1] 南开大学国际经济研究所
[2] 中国社会科学研究院金融研究所银行研究室
关键词
数量宽松货币政策; 传导机制; 金融稳定;
D O I
暂无
中图分类号
F823.13 [];
学科分类号
摘要
本文旨在通过总结日本实施零利率政策和数量宽松货币政策的历史经验,认识特殊经济环境下货币政策的影响渠道和效果,从而为理解当前发达国家的非常规货币政策提供参照。本文回顾了日本实施数量宽松货币政策的背景,历程及其影响,并从日本的经济现实探讨了影响数量宽松货币政策效果的因素。本文指出,应对金融资产价格泡沫破灭产生的需求萎缩,常规和非常规的货币政策可能都难以奏效,但及时稳定金融市场将有助于经济的复苏。这是非常规货币政策的主要功效。
引用
收藏
页码:10 / 17
页数:8
相关论文
共 7 条
  • [1] Monetary Policy in a Liquidity Trap: What Have We Learned, and to What End?[J] . IppeiFujiwara,NaokoHara,NaohisaHirakata,ShinichiroWatanabe,KentaroYoshimura.International Finance . 2005 (3)
  • [2] The case for open-market purchases in a liquidity trap
    Auerbach, AJ
    Obstfeld, M
    [J]. AMERICAN ECONOMIC REVIEW, 2005, 95 (01) : 110 - 137
  • [3] Conducting monetary policy at very low short-term interest rates
    Bernanke, BS
    Reinhart, VR
    [J]. AMERICAN ECONOMIC REVIEW, 2004, 94 (02) : 85 - 90
  • [4] Zero Bound on Interest Rates and Optimal Monetary Policy[J] . Gauti B. Eggertsson,Michael, Professor Woodford.Brookings Papers on Economic Activity . 2003 (1)
  • [5] The Great Recession: Lessons for Macroeconomic Policy from Japan[J] . Kenneth N. Kuttner,Adam Simon Posen.Brookings Papers on Economic Activity . 2001 (2)
  • [6] It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap[J] . Brookings Papers on Economic Activity . 1998 (2)
  • [7] An Injection of Base Money at Zero Interest Rates:Empirical Evidencefrom the Japanese Experience 2001-2006. Honda,Y,Y Kuroki,M.Tachibana. Graduate School of Economics and Osaka School of International Public Policy(OSIPP)Discussion Paper . 2007