摘要
常规货币政策可能使中央银行面临名义利率零下限约束,而且长期低利率政策所引发的金融不稳定效应会导致货币政策传导机制失灵。为此,中央银行需要实施非常规货币政策措施。2001年以来,全球主要发达经济体的中央银行先后实施了大规模的非常规货币政策。与政策实践相适应,学术界有关非常规货币政策的研究也日益增多。本文旨在对实施非常规货币政策的理论依据进行概述,并着重讨论了非常规货币政策的传导机制及实践中的实施效果。我们也分析了实施非常规货币政策可能会遇到的主要风险。
The zero-lower bound and the failure of transmission of conventional monetary policy may limit central banks＇ role in stabilizing economy. To this end, it is necessary for central banks to use unconventional monetary tools. Major central banks among the developed economies have taken all kinds of unconventional monetary policy measures since 2000s. More and more researchers pay attention to unconventional monetary policy. This paper aims to review and summarize the existing literature and focuses mainly on four aspects about unconventional monetary policy： the theory basis of its implementation; its transmission mechanism; the effects of its policy practices and the main risks.
出处
《国际金融研究》
CSSCI
北大核心
2013年第7期18-29,共12页
Studies of International Finance
关键词
金融危机
中央银行
非常规货币政策
Financial Crisis
Central Bank
Unconventional Monetary Policy
