【作者】 王志鑫；

【导师】 任明；

【作者基本信息】 吉林大学 ， 世界经济， 2012， 硕士

【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。更多还原

【Abstract】 In response to the2008financial crisis, the Fed implemented a quantitativeeasing monetary policy. On the basis of the existing domestic and internationalresearch, combined with qualitative and quantitative analysis, the paper does asystematic research on the effect of quantitative easing monetary policy, At thebeginning, the paper analyzes the emergence, development and evolution of thequantitative easing monetary policy, discussing its theoretical basis and transmissionmechanism. Next, the paper conducts a comprehensive study on the implementationof quantitative easing monetary policy, including its background, goals, specificcontent and features and a detailed description of the new monetary policy tools thatcreated during the implementation of the quantitative easing monetary policy has beenpresented too. In chapter four, the paper emphatically analysis the effect of Fed’squantitative easing monetary policy by using large amounts of date and charts. Theresearch is divided into two levels: positive effects and negative effects. The positiveeffects mainly include how the policy has eased the situation of the U.S. credit crunchand stabilized the financial system. The specific performance of the former is that alarge number of base money had been put into the market by Fed; interest ratedifference of LIBOR-OIS had recovered to pre-crisis level; government bond yieldhad been lowered and the financial system had been stabilized. The specificperformance of the latter is that the main stock indexes were steadily recovering;interest rate difference of commercial paper had fallen; the financial stress indexeswere back to normal levels; both domestic consumption and investment had increased.Meanwhile, there shows some negative effects too. For example, because of the riseof the international commodity prices, including international crude oil prices,non-ferrous metal prices, currency of some countries are passively appreciated and major trading partner of U.S. have been affected to varying degrees, then theeconomies that had been affected may take trade protection measures, which makesthe chance of trade friction rise and contribute to trade protection. In chapter five, thepaper briefly analyses the monetary policy. First, through the analysis of U.S.macroeconomic indicators, it can be found that quantitative easing monetary policyhas played an important role in the recovery of U.S. economy, which made the realGDP growth return to positive, the core inflation rate be at2%, the unemploymentrate began to decline. The policy help boost the U.S. economy out of thedownturn——the country’s industrial production and capacity utilization rate havesignificantly improved. Second, the effect of monetary policy on the sluggish realestate market is limited. The real estate market still has no improvement, whosetransactions, turnover and prices continues to fall. Third, with a large number ofdollars injected into the market, the depreciation of the dollar is unavoidable. As theU.S. dollar is the world’s major reserve currency, its depreciation has made othercountries and regions, which hold the dollars in cash or in fixed income assets (suchas U.S. Treasury bonds) suffer losses. The creditor nations of the United States havesubjected to different degrees of damage, which means the quantitative easingmonetary policy has played a role in diluting the U.S. debt.更多还原