后危机时代非常规货币政策理论的兴起、发展及应用

被引：10

作者：

刘元春

李舟

机构：

[1] 中国人民大学经济学院

来源：

教学与研究 | 2016年 / 04期

关键词：

新共识; 非常规货币政策; 金融危机;

D O I：

暂无

中图分类号：

F822.0 [方针政策及其阐述]; F831.59 [金融危机];

学科分类号：

020101 ; 020203 ; 020204 ; 020202 ;

摘要：

"大缓和"时期形成的货币政策理论"新共识"在金融危机期间遭遇巨大挑战,常规性的宽松政策在刺激经济回稳中持续性地失效。在此背景下,非常规货币政策理论兴起并迅速发展,本文系统地梳理了非常规货币政策的目标、工具等,分析了以经济活动盯住制或者名义GDP盯住制代替传统通胀盯住制的可能性,阐述了前瞻指引、扭曲操作、量化宽松等政策工具应对危机的作用,并强调了加强宏观审慎监管的必要性。最后,本文贴合中国实际指出,在利率双轨制的约束和银行惜贷情绪弥漫的背景下,我国具有使用非常规货币政策的现实背景。

引用

页码：54 / 64

页数：11

共 17 条

[1] 用结构性货币政策应对和治理通货膨胀 [J].

陈炳才 .

经济学动态, 2010, (06) :63-68

[2]

Rethinking Macroeconomic Policy[J] . OLIVIERBLANCHARD,GIOVANNIDELL’ARICCIA,PAOLOMAURO.Journal of Money, Credit and Banking . 2010

[3]

A model of unconventional monetary policy[J] . Mark Gertler,Peter Karadi.Journal of Monetary Economics . 2010 (1)

[4]

Monetary policy flexibility, risk management, and financial disruptions[J] . Frederic S. Mishkin.Journal of Asian Economics . 2009 (3)

[5]

From turmoil to crisis: Dislocations in the FX swap market before and after the failure of Lehman Brothers[J] . Naohiko Baba,Frank Packer.Journal of International Money and Finance . 2009 (8)

[6] Price-level versus inflation targeting [J].

Vestin, David .

JOURNAL OF MONETARY ECONOMICS, 2006, 53 (07) :1361-1376

[7]

The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models[J] . Refet S. Gürkaynak,Brian Sack,Eric Swanson.The American Economic Review . 2005 (1)

[8]

INFLATION PERSISTENCE AND FLEXIBLE PRICES*[J] . Robert D.Dittmar,William T.Gavin,Finn E.Kydland.International Economic Review . 2005 (1)

[9] Conducting monetary policy at very low short-term interest rates [J].

Bernanke, BS ;

Reinhart, VR .

AMERICAN ECONOMIC REVIEW, 2004, 94 (02) :85-90

[10]

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information[J] . Michael J.Fleming,Eli M.Remolona.The Journal of Finance . 2002 (5)

← 1 2 →