Lessons from the U.S. Experience with Quantitative Easing
Lessons from the U.S. Experience with Quantitative Easing
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美国量化宽松的经验教训
DOI：
10.1142/9789813236592_0004
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Eric S. Rosengren
中科院分区：
文献类型：
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作者：
Eric S. Rosengren
去年10月，美联储资产负债表的扩张随着缩减进程的完成而结束，但我们距离短期利率或我们的资产负债表正常化还有很长的路要走。因此，可能需要一段时间才能对我们的量化宽松政策的效果做出全面评估，因为全面评估将需要成功地回归正常化的货币政策。尽管如此，我认为在这一点上，考虑美联储资产购买计划的哪些设计特征在实现我们的货币政策目标方面是有效的，哪些不太成功，是很有可能也是适当的。…
The expansion of the Federal Reserve’s balance sheet ended with the completion of the tapering process last October, but we still are a long way from normalizing either short-term interest rates or our balance sheet. As a result, it may be some time before a full assessment of the effects of our quantitative easing policies can be made, since a full evaluation will require a successful return to a normalized monetary policy. Nonetheless, I think it is quite possible and appropriate at this point to consider which design features of the Federal Reserve’s asset-purchase program were effective, and which were less successful, in achieving our monetary policy goals…