定量宽松货币政策

危机中美国定量宽松货币政策的实施效果&央行资产负债表的视角

Quantitative Easing Monetary Policy 's Implementing Effects in US During Crisis : From the Perspective of Central Bank 's Balance Sheet

这种所谓的“定量宽松货币政策”（quantitativeeasing）是央行用来对抗通货紧缩的一项策略，即增长下滑和资产价格下跌的可怕结合。

This so-called " quantitative easing " is a strategy central banks use to fight deflation , the dreaded combination of declining growth and falling asset prices .

不可否认，QE（定量宽松货币政策）是加重了潜在问题，但其影响是浅层的。

Yes , QE is adding to the underlying problem , but it 's a peripheral issue .

美国推出第三轮定量宽松货币政策（qe3）的预期降温，再加上市场预测欧洲央行（ecb）将进一步降息，这些因素正促使全球投资者把欧元用作利差交易的融资货币。

Reduced expectations of a third round of quantitative easing of monetary policy in the US combined with predictions that the European Central Bank will cut interest rates further are leading global investors to use the euro as a funding currency for carry trades .

美联储最早将于下月重启扩张性定量宽松货币政策（又名qe2）的可能性，导致美元汇率大幅下跌、大宗商品价格上涨、长期美国国债收益率攀升这些都是通胀预期上升的标志。

The prospect of the Fed restarting its expansionary quantitative easing policy , also known as QE2 , as early as next month has brought big falls in the dollar , rises in commodity prices and higher long-term Treasury yields all of which are barometers of higher inflation expectations .

此外，定量宽松货币政策可能进一步刺激风险偏好，这可能会利好信用利差。

In addition , further quantitative easing could boost risk appetite , which may be positive for credit spreads .

再加上陡峭的收益率曲线以及定量宽松货币政策的作用，2009年第一季度固定收益业务利润率同比提高了两倍。

Combined with a steep yield curve and quantitative easing , overall fixed-income margins tripled in the first quarter of 2009 versus a year earlier .

当前的环境前所未见。美联储在定量宽松货币政策上非常激进，收益率的下降就是这种做法的后果。

The current environment is not like anything we 've seen before . The Fed 's being very aggressive in quantitative easing , and the fall in yields is the result .

就在几个月前，以巴西为首的新兴经济体还在大声指责美国实施定量宽松货币政策，人为压低美元汇率，给新兴市场货币带来了不公平的升值压力。

Only a few months ago emerging economies , led by Brazil , were loudly accusing the US of artificially depressing the dollar through lax monetary policies ( quantitative easing ) and putting unfair upward pressure on emerging market currencies .

这一次，美国的行动比日本快得多减记不良贷款、向银行注入新资金、推出大规模财政刺激措施以及采用所谓的定量宽松货币政策。

This time , America has been much quicker than Japan to write down bad loans , inject new capital into its banks , embrace a large fiscal stimulus , and adopt the so-called quantitative easing tactics of monetary policy .

首先从理论角度，本文概述了定量宽松货币政策的定义和理论根源，详细阐述了货币政策的四种操作方式和六项传导机制，最后分析其与传统的积极宽松货币政策的区别。

In the second section , this paper outlines the definition of the QEP and its theoretical roots , then details the four ways it operates and its six mechanisms , and finally seriously analyzes the differences between it and the traditional easing monetary policy .

上周，当我得知美联储已不动声色地采用了“定量宽松的货币政策”（quantitativeeasing）时，我感到非常吃惊尽管可能不应该如此。

I was quite surprised last week though perhaps should not have been when I learnt that the Fed had quietly adopted a policy of " quantitative easing " .

美元之所以下跌，是因为围绕美国经济复苏速度的担忧，导致美国国债收益率跌至创纪录的低点，同时引发了有关美联储（fed）将被迫实施又一轮“定量宽松”货币政策的猜测。

The dollar dropped as fears over the pace of the US economic recovery sent US Treasury yields to record lows and prompted speculation that the Federal Reserve would be forced into another round of " quantitative easing " .

他的答案是，有几个选择，其中包括定量宽松的货币政策。

The answer is that there are a few options , quantitative easing among them .

定量宽松的货币政策和银行压力测试的顺利完成，缓解了市场的紧张情绪。

Quantitative easing and the smooth completion of the stress tests for banks has eased tension .

若依凯恩斯主义经济学家，政府应该通过定量宽松的货币政策和财政刺激政策刺激总需求。

According to Keynesian economics , governments should boost total demand through quantitative easing and fiscal stimulus .

但目前，美联储正逐步停止购买国债，预计将终止定量宽松的货币政策。

But now the Fed is phasing out such purchases and is expected to wind up quantitative easing .

英国经济学家查尔斯古德哈特曾戏称他非常乐意在英国北部实行定量宽松的货币政策，来评定该政策是否奏效。

Charles Goodhart , a British economist , has joked that he would love to be able to conduct quantitative easing in the north of Britain , but not in the south , to judge whether the policy worked .

定量宽松是在传统货币政策无效的情况下，央行用来刺激经济的非传统货币政策。

Quantitative easing ( QE ) is an unconventional monetary policy used by some central banks to stimulate their economy when conventional monetary policy has become ineffective .