量化宽松期间美联储和欧洲央行的反应功能:货币政策的三个阶段,包括常规和非常规阶段

IF 3.5 2区 经济学 Q1 ECONOMICS
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引用次数: 0

摘要

金融危机爆发后,各国央行达到了零下限(ZLB),耗尽了利率的有效能力,使用利率作为货币政策的替代变量来研究货币当局对宏观经济失衡的反应变得无效。为了分析各国央行采取的非常规应对措施,我们提出并估算了一个修正的反应函数,将货币供应量作为美联储和欧洲央行货币政策的操作工具,并验证了该函数作为解释这两个货币当局行为的工具的效用。通过应用我们的策略,可以确定货币政策对经济形势的反应,以及货币当局对政府财政行为和资产市场演变的其他可能关切,而不论在任何特定时间适用何种货币政策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Fed and ECB reaction functions during quantitative easing: Three phases of monetary policy, both conventional and unconventional

Studying monetary authority response to macroeconomic imbalances using the interest rate as a proxy variable for monetary policy became ineffective after the financial crisis, when central banks exhausted the effective capacity of interest rates by reaching the zero lower bound (ZLB). In an effort to analyse the unconventional response deployed by central banks, we present and estimate a modified reaction function that uses money supply as the operational instrument of monetary policy for the Federal Reserve and the European Central Bank, and we verify its utility as an explanatory instrument for the behaviour of the two monetary authorities. By applying our strategy, it is feasible to identify both monetary policy reaction with regard to the economic situation as well as other possible monetary authority concerns regarding governments’ fiscal behaviour and the evolution of asset markets, regardless of the monetary policy applied at any given time.

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来源期刊
CiteScore
6.20
自引率
11.40%
发文量
76
期刊介绍: The Journal of Policy Modeling is published by Elsevier for the Society for Policy Modeling to provide a forum for analysis and debate concerning international policy issues. The journal addresses questions of critical import to the world community as a whole, and it focuses upon the economic, social, and political interdependencies between national and regional systems. This implies concern with international policies for the promotion of a better life for all human beings and, therefore, concentrates on improved methodological underpinnings for dealing with these problems.
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