Financial Crisis and Quantitative Easing: Can Broad Money Tell Us Anything?
Financial Crisis and Quantitative Easing: Can Broad Money Tell Us Anything?
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金融危机与量化宽松：广义货币能告诉我们什么吗？
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Yue
中科院分区：
文献类型：
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作者：
D. Cobham;Yue
当英国央行(Bank Of England)和美联储(Federal Reserve Board)推出量化宽松(QE)操作时，他们强调了量化宽松对货币和信贷的影响，但他们对量化宽松影响的大部分实证研究都聚焦于长期利率。我们使用了一个拥有独立央行的资金流矩阵，以显示量化宽松和其他货币发展的影响，并辩称，金融危机、财政扩张和量化宽松很可能对英国的货币和信贷构成了重大外生冲击，而通常的调整机制无法立即消化这些冲击。我们提出了一个简化形式的模型的回归，该模型认为名义支出的增长由名义货币增长和其他变量决定。这些结果表明，货币在大缓和时期并不重要，但在危机和量化宽松期间发挥了重要得多的作用。然后，我们使用这些估计来说明金融危机和量化宽松的影响。我们的结论是，将货币和/或信贷纳入更广泛的英国经济宏观计量经济学模型将是有用的。
When Bank of England (and the Federal Reserve Board) introduced their quantitative easing (QE) operations they emphasised the effects on money and credit, but much of their empirical research on the effects of QE focuses on long-term interest rates. We use a flow of funds matrix with an independent central bank to show the implications of QE and other monetary developments, and argue that the financial crisis, the fiscal expansion and QE are likely to have constituted major exogenous shocks to money and credit in the UK which could not be digested immediately by the usual adjustment mechanisms. We present regressions of a reduced form model which considers the growth of nominal spending as determined by the growth of nominal money and other variables. These results suggest that money was not important during the Great Moderation but has had a much larger role in the period of the crisis and QE. We then use these estimates to illustrate the effects of the financial crisis and QE. We conclude that it would be useful to incorporate money and/or credit in wider macroeconometric models of the UK economy.