Key aspects of longer-term asset purchase programs in UK and US monetary policy

Edward Nelson

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Key aspects of longer-term asset purchase programs in UK and US monetary policy

机译：英国和美国货币政策中长期资产购买计划的关键方面

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This paper considers several key aspects of recent central bank purchase programs involving longer-term government securities in the United States (where the programs are termed 'large-scale asset purchases') and the United Kingdom (where the programs are labeled 'asset purchases financed by the issuance of central bank reserves', or 'quantitative easing'). Aspects of the purchase programs discussed include the scale of the programs, the historical and institutional background behind the programs, their effects on long-term interest rates and the equivalent effect expressed in terms of policy rates, and the reaction of aggregate demand to the programs. An analysis of the early stages of the economic recovery suggests that, by bolstering nominal spending and purchasing power, the asset purchases helped to secure positive real growth in the United Kingdom in 2010 in the face of adverse price-level shocks.

机译：本文考虑了最近的中央银行购买计划的几个关键方面，这些计划涉及美国（其中的计划被称为“大规模资产购买”）和英国（其中的计划被标记为“资产购买融资”）中的长期政府证券。通过发行中央银行储备”或“量化宽松”）。讨论的购买计划的各个方面包括计划的规模，计划背后的历史和制度背景，它们对长期利率的影响以及以政策利率表示的等效影响，以及总需求对计划的反应。对经济复苏早期阶段的分析表明，面对不利的价格水平冲击，通过购买名义支出和购买力，资产购买有助于确保英国2010年的实际正增长。

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《Oxford Economic Papers》 |2013年第s1期|i92-i114|共23页
作者
Edward Nelson;
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作者单位

Federal Reserve Board, Washington, DC 20551, USA;

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收录信息美国《科学引文索引》(SCI);
原文格式 PDF
正文语种 eng
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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Key aspects of longer-term asset purchase programs in UK and US monetary policy

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