美联储量化宽松货币政策效应分析

发布时间：2018-01-02 12:14

本文关键词：美联储量化宽松货币政策效应分析　出处：《吉林大学》2012年硕士论文　论文类型：学位论文

【摘要】：为了应对2008年金融危机，美联储实施了量化宽松货币政策，本文在现有国内外研究的基础上，结合定性分析与定量分析，对美联储量化宽松货币政策的效应进行了系统研究。本文首先分析了量化宽松货币政策的产生发展及演进，探讨了量化宽松货币政策的理论基础和传导机制。接下来，对美联储实施量化宽松的过程进行了全面研究，包括实施背景、实施目标、实施的具体内容和实施特征，对此次量化宽松货币政策实施中创造的新货币政策工具进行了详细描述。在本文第四章用大量数据和图表对美联储量化宽松货币政策产生的效应进行了着重分析，研究分为两个层次：积极效应和消极效应。积极效应主要包括该政策缓解了美国信贷紧缩的局面，具体表现为美联储向市场投放大量基础货币,LIBOR-OIS息差恢复到危机前水平、国债收益率降低；稳定了金融体系，具体表现为主要股指都在稳步回升、商业票据息差回落、金融压力指数回落到正常水平；国内消费和投资有所增加。但与此同时也显现出一些消极效应，比如国际大宗商品价格上涨包括国际原油价格一路飙升、有色金属价格也不断攀升，部分国家货币都出现不同程度被动升值，美国主要贸易伙伴对其出口额都受到不同程度的影响，受本币升值影响的经济体可能采取贸易保护措施，从而使得产生贸易摩擦的几率上升，助长贸易保护主义。在第五章，本文对此次货币政策进行了简要评析：第一，通过对美国宏观经济指标的分析，可以发现量化宽松对美国经济的复苏起到了重要作用，实际GDP增长率重回正值、核心通货膨胀率维持在2%、失业率开始下降、工业产值和产能利用率显著提高、提振美国经济从低迷中走出；第二，此次货币政策对萎靡的房地产市场作用有限，房地产市场依旧没有丝毫起色，成交量、成交额和房地产价格都持续走低；第三，大量美元超发流动性的注入，使得美元贬值，，由于美元是世界主要储备货币，美元贬值使得持有美元现金和美元固定收益资产（如美国国债）的其他国家和地区蒙受损失，美元债权国的利益都受到不同程度的损害，量化宽松货币政策起到了稀释美国债务的作用。
[Abstract]:In order to deal with the financial crisis in 2008, the Federal Reserve implemented quantitative easing monetary policy. This paper combines qualitative analysis and quantitative analysis on the basis of existing domestic and foreign research. This paper makes a systematic study on the effects of quantitative easing monetary policy of the Federal Reserve. Firstly, this paper analyzes the emergence, development and evolution of quantitative easing monetary policy. This paper discusses the theoretical basis and transmission mechanism of quantitative easing monetary policy. Then, it makes a comprehensive study of the process of quantitative easing, including the implementation background, implementation objectives. The specific content and implementation characteristics of the implementation. A detailed description of the new monetary policy tools created in the implementation of quantitative easing monetary policy is given. In Chapter 4th, the effects of the Federal Reserve's quantitative easing monetary policy are analyzed with a great deal of data and charts. . The study is divided into two levels: positive effect and negative effect. The positive effect mainly includes that the policy alleviates the situation of credit crunch in the United States, which is manifested by the Federal Reserve releasing a large amount of basic money into the market. LIBOR-OIS spreads have returned to pre-crisis levels and Treasury yields have fallen; Stabilizes the financial system, the concrete performance is the main stock index is in the steady rise, the commercial paper interest rate difference falls back, the financial pressure index falls back to the normal level; Domestic consumption and investment have increased, but at the same time there have been some negative effects, such as rising international commodity prices, including international crude oil prices, and rising non-ferrous metal prices. Some countries' currencies have experienced varying degrees of passive appreciation, the main trading partners of the United States are affected by their exports to varying degrees, and the economies affected by the appreciation of their currencies may take trade protection measures. In Chapter 5th, this paper makes a brief analysis of the monetary policy: first, through the analysis of the macroeconomic indicators of the United States. It can be found that QE played an important role in the recovery of the US economy. Real GDP growth rate returned to positive, core inflation rate stayed at 2% and unemployment rate began to fall. Industrial output and capacity utilization increased significantly to lift the US economy out of the downturn; Second, the monetary policy to the sluggish real estate market is limited, the real estate market is still no improvement, trading volume, turnover and real estate prices continue to decline; Third, the massive injection of excess dollar liquidity has devalued the dollar, which is the world's main reserve currency. The depreciation of the dollar causes losses to other countries and regions that hold dollar cash and dollar fixed income assets (such as US Treasury bonds), and the interests of dollar creditors are all damaged to varying degrees. Quantitative easing has served to dilute US debt.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F827.12

【引证文献】