The Unconventional Monetary Theory and Implementation in the Financial Crisis
为应对自"大萧条"以来最为严重的全球金融危机,西方主要央行在将短期名义利率降至下限后,大胆启用非常规货币政策。由于非常规货币政策的效果在理论上存在争议,在实证中也没有得到有力的经验证明,此举势必对今后世界经济走势产生难以估量的影响,因此有必要进行深入分析。本文在对现有非常规货币政策的理论与实证研究进行系统回顾的基础上,进一步研究了金融危机下美联储、英格兰银行和欧洲央行的非常规货币政策实践。In response to the biggest financial crisis since the Great Depression, the central banks in many advanced economies have cut policy rates to the lower bound and put in place unconventional monetary operations boldly within a few months. However, the effects of unconventional monetary policy are, for the most part, theoretically controversial and empirically unproven. They will exert inestimable impact on the world economy both for the time being and in the future. For this reason, an in-depth analysis is necessarily needed. This paper provides a systematic overview of these unconventional policy options based on existing theoretical and empirical studies. against this backdrop, it then analyzes the practices of the central banks of the United States, the United Kingdom and Europe in this field.