臺灣博碩士論文加值系統

2007年金融危機以來，各國利用各種不同的貨幣政策作為刺激經濟的手段，而這些政策在內涵上實與傳統的貨幣政策上有所不同。本文首先檢視在傳統上，中央銀行的目標以及貨幣政策的手段，然後再對非傳統貨幣政策的特徵、原理進行論述，並透過對美國、歐元區、英國及日本的非傳統貨幣政策實施經驗，來剖析實務上非傳統貨幣政策的應用。而由於各國的非傳統貨幣政策還在進行中，我們也對可能的退場方式進行討論。本研究發現，經過這次金融危機之後，中央銀行在實施貨幣政策時或許需要將金融市場的指標納入目標機制中。而在貨幣政策的施行上，中央銀行在操作時的目標，傳統以利率的調控為主，非傳統則以市場中的流動性數量調控為主，具體的操作工具上多為傳統工具的擴展，差異並不大。

中文摘要 i
英文摘要 ii
目錄 iii
圖目錄 vi
表目錄 viii
第一章 緒論 1
第二章 中央銀行在金融體系的角色 3
2.1 中央銀行的起源 3
2.2 貨幣政策的目標 5
2.3 貨幣政策的工具 8
第三章 非傳統貨幣政策的引進 11
3.1 傳統貨幣政策的施行與侷限 11
3.2 2001-2006年日本非傳統貨幣政策的經驗 14
3.3 非傳統貨幣政策的特徵 14
3.4 非傳統貨幣政策的工具 17
3.5 非傳統貨幣政策的原理 20
3.5.1 預期的改變 20
3.5.2 對利率結構的影響─資產平衡效果 23
3.6 非傳統貨幣政策面臨的問題 28
3.6.1 銀行準備的特殊性 28
3.6.2 擴大資產負債表的可能問題 29
第四章 近年主要國家非傳統貨幣政策的施行與成效 32
4.1 金融危機與非傳統貨幣政策 32
4.2 美國 41
4.2.1 美國政策的施行 41
4.2.2 美國政策的成效 47
4.3 歐元區 51
4.3.1 歐元區政策的施行 51
4.3.2 歐元區政策的成效 58
4.4 英國 61
4.4.1 英國政策的施行 61
4.4.2 英國政策的成效 67
4.5 日本 71
4.5.1 日本政策的施行 71
4.5.2 日本政策的成效 77
4.6 各國政策小結 81
第五章 非傳統貨幣政策的退場 83
5.1 非傳統貨幣政策的風險 83
5.2 退場工具 87
5.2.1 退場時的注意事項 88
5.2.2 退場的手段 90
5.3 各國退場可能面臨的挑戰 95
5.4 退場的時機與步驟 97
第六章 結論 100
參考文獻 104

李榮謙、高超洋、黃麗倫、楊淑雯 (2010)，「日本失落十年的經驗與啟示」，《中央銀行季刊》，32，47-64。
李怡庭 (2012)，《貨幣銀行與金融市場》，台北：翰蘆。
林清惠、曾虹瑋 (2012)，「英格蘭銀行調整貨幣政策操作工具之探討」，《中央銀行公務出國報告》，見http://report.nat.gov.tw/ReportFront/report_result.jspx? cateType=3&orgId=A59000000N。
林曉伶 (2010)，「英國流動性管理制度之發展與改革」，《中央銀行公務出國報告》，見http://report.nat.gov.tw/ReportFront/report_detail.jspx?sysId=C09803188。
高超洋 (2009)，「日本零利率及量化寬鬆政策與當前美國貨幣政策之比較」，《國際金融參考資料》，58，102-134。
梁國源 (2012a)，「美貨幣政策正式進入『量化寬鬆』時代」，收錄於《全球經濟這樣看：梁國源帶你解讀投資新地圖》，76-89，台北：天下遠見文化。
梁國源 (2012b)，「QE2退場之後」，收錄於《全球經濟這樣看：梁國源帶你解讀投資新地圖》，90-99，台北：天下遠見文化。
梁國源 (2012c)，「柏南克的非傳統性貨幣政策」，收錄於《全球經濟這樣看：梁國源帶你解讀投資新地圖》，100-110，台北：天下遠見文化。
謝儀悌 (2011)，「美國對準備金付息及其貨幣政策效果」，《國際金融參考資料》，62，47-83。
Ahrend, R., B. Cournede, and R. Price (2008), “Monetary Policy, Market Excesses and Financial Turmoil,” OECD Working Paper, No. 597.
Allen, F., and E. Carletti (2008), “The Role of Liquidity in Financial Crises,” Proceedings of the 2008 Jackson Hole Symposium , Federal Reserve Bank of Kansas City, pp. 379-412.
Andres, J., J. Lopez-Salido, and E. Nelson (2004), “Tobin''s Imperfect Asset Substitution in Optimizing General Equilibrium,” Journal of Money, Credit, and Banking, 36, 665-690.
Baba, N., S. Nishioka, N. Oda, M. Shirakawa, K. Ueda and H. Ugai (2005), “Japan’s Deflation, Problems in the Financial System and Monetary Policy,” Monetary and Economics Studies, 23, 47-111.
Bank of England (2008a), “Financial Stability Report,” available at http://www.bankof england.co.uk/publications/Pages/fsr/2008/fsr23.aspx.
Bank of England (2008b), “The Development of the Bank of England’s Market Operations – A Consultative Paper by the Bank of England,” available at http://www.bankofengland.co.uk/markets/Documents/money/publications/summarynoteoct08.pdf.
Bank of England (2009), “Quantitative Easing Explained,” available at http://www. bankofengland.co.uk/monetarypolicy/Pages/qe/default.aspx.
Bank of England (2012a), “The Distributional Effects of Asset Purchases,” Bank of England Quarterly Bulletin, 254-66.
Bank of England (2012b), “The Framework for the Bank of England’s Operations in the Sterling Money Markets,” available at http://www.bankofeng land.co.uk/markets/ Documents/money/publications/redbookjune2012.pdf.
Benito, A., J. Thompson, M. Waldron, and R. Wood (2006), “House Prices and Consumer Spending,” Bank of England Quarterly Bulletin, 46, 142-154.
Benford, J., S. Berry, K. Nikolov and C. Young (2009), “Quantitative Easing,” Bank of England Quarterly Bulletin, Q2, 90-100.
Bernanke, B. S. (2002), “Deflation: Making Sure ‘It’ Doesn’t Happen Here,” Remarks before the National Economists Club, Washington D.C., available at http://www. federalreserve,gov/boarddocs/speeches/2002/20021121/default.htm.
Bernanke, B. S. (2009a), “The Crisis and the Policy Response,” Stamp Lecture at the London School of Economics, available at http://www.federalreserve.gov/news events/speech/bernanke20090113a.htm.
Bernanke, B. S. (2009b), “Semiannual Monetary Policy Report to the Congress,” Testimony Chairman Ben S. Bernanke Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, US House of Representatives, available at http://www.federalreserve.gov/newsevents/testimony /bernanke20090721a. htm.
Bernanke, B. S. (2010), “Federal Reserve’s Exit Strategy,” Testimony before the Committee on Financial Services, US House of Representatives, Washington D.C., available on the web at http://www.c.federalreserve.gov/newsevents/testimony/ bernanke20100210a.htm.
Bernanke, B. S. (2012), “Monetary Policy since the Onset of the Crisis,” presented at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, available at http://www.federalreserve.gov/newsevents/speech/bernan ke20120831a.htm.
Bernanke, B. S., M. Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” Journal of Economic Perspectives, 9, Fall, 27-48.
Bernanke, B. S., V. Reinhart, and B. Sack (2004), “Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment,” Brookings Papers on Economic Activity 2 (Fall), 1-100.
Beirne, J., L. Dalitz, J. Ejsing, M. Grothe, S. Manganelli, F. Monar, B. Sahel, M. Susec, J. Tapking and T. Vong (2011), “The Impact of the Eurosystem''s Covered Bond Purchase Programme on the Primary and Secondary Markets,” ECB Occasional Paper, No. 122 .
Blanchard, O., G. Dell’Ariccia, and P. Mauro (2010), “Rethinking Macroeconomic Policy,” Journal of Money, Credit and Banking, 42, 199-215.
Blinder, A. S. (2010), “Quantitative Easing: Entrance and Exit Strategies,” Review, Federal Reserve Bank of St. Louis, 465-479.
Borio, C., and W. Nelson (2008), “Monetary Operations and the Financial Turmoil,” BIS Quarterly Review, March.
Borio, C., and P. Disyatat (2010), “Unconventional Monetary Policies: An Appraisal,” The Manchester School, 78, 53-89.
Brunner, K., and A. H. Meltzer (1973), “Mr. Hicks and the “Monetarists”,” Economica, 40, 44-59.
Buiter, W. H., and E. Rahbari (2012), “The ECB as Lender of Last Resort for Sovereigns in the Euro Area,” Centre for Economic Policy Research Discussion Papers, No. 8974.
Calvo, G. A. (1983), “Staggered Prices in a Utility-Maximizing Framework,” Journal of Monetary Economics, 12, 383-398.
Carney, M. (2010), “Living with Low for Long,” Speech to the Economic Club of Canada, Toronto, Ontario, 13 Decmber.
Carpenter, S. B., J. E.Ihrig, E. C. Klee, D. W. Quinn and A. H. Boote (2013), “The Federal Reserve’s Balance Sheet and Earnings: A Primer and Projections,” Federal Reserve Board Finance and Economics Discussion Series, No. 2013-01.
Cecchetti, S. G., M. Kohler, and C. Upper (2009), “Financial Crises and Economic Activity,” NBER Working Paper, No. 15379.
Clouse, J., D. Henderson, A. Orphanides, D. H. Small, P. A. Tinsley (2003), “Monetary Policy When the Nominal Short-Term Interest Rate is Zero,” Topics in Macroeconomics, 3.
Congdon, T. (1982), Monetary Control in Britain, New York: Holmes & Meier Publishers.
Eggertsson, G. B., and M. Woodford (2003), “Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity 1 (Spring), 139-233.
Fawley, B. W., and C. J. Neely (2013), “Four Stories of Quantitative Easing,” Review, Federal Reserve Bank of St. Louis, 51-88.
Friedman, B. M. (1978), “Crowding out or Crowding in? The Economic Consequences of Financing Government Deficits,” Brookings Papers on Economic Activity 3, 593-641.
Friedman, B. M., and A. J. Schwartz (2008), A Monetary History of the United States, 1867-1960, Princeton University Press.
Goodfriend, M. (2000), “Overcoming the Zero Bound on Interest Rate Policy,” Journal of Money, Credit, and Banking, 32, 1007-1035.
Goodfriend, M. (2011), “Central Banking in the Credit Turmoil: An Assessment of Federal Reserve Practice,” Journal of Monetary Economics, 58, 1-12.
Hatzius, J. (2005), “Housing Holds the Key to Fed Policy,” Goldman Sachs Global Economics Paper, No. 137.
International Monetary Fund (2008), World Economic Outlook, International Mutual Fund, April.
John, S., M. Roberts, and O. Weeken (2012), “The Bank of England’s Special Liquidity Scheme,” Bank of England Quarterly Bulletin, Q1, 57-66.
Keister, T., and J. McAndrews (2009), “Why Are Banks Holding So Many Excess Reserves?,” Current Issues in Economics and Finance, 15.
Krugman, P. R., K. M. Dominquez, and K. Rogoff (1998), “It''s Baaack: Japan''s Slump and the Return of the Liquidity Trap,” Brookings Papers on Economic Activity 2, 137-205.
McCauley, R. N., and K. Ueda (2009), “Government Debt Management at Low Interest Rates,” BIS Quarterly Review, June.
McGuire, P., and G. von Peter (2009). “The US Dollar Shortage in Global Banking and the International Policy Response,” BIS Quarterly Review, March.
Minegishi, M., and B. Cournede (2010), “Monetary Policy Responses to the Crisis and Exit Strategies,” OECD working paper, No. 753.
Mishkin, F. S. (2007), Monetary policy strategy, Massachusetts: The MIT Press.
Modigliani, F., and R. Sutch (1966), “Innovations in Interest Rate Policy,” American Economic Review, 56, 178-197.
Moore, B. (2006), Shaking the Invisible Hand: Complexity, Endogenous Money and Exogenous Interest Rates, Hampshire: Palgrave MacMillan.
Neely, C. J. (2012), “The Large-Scale Asset Purchase Had Large International Effects,” Federal Reserve Bank of St. Louis Working Paper, No. 2010-018D.
Nishimura, K. G. (2009), “Unconventional Policies of Central Banks: Restoring Market Function and Confidence,” remarks at the Money and Banking Conference sponsored by the Central Bank of Argentina, available at http://210. 174.171.233/en/announcements/press/koen_2009/data/ko0909a.pdf
Reinhart, C. M., and K. Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, Princeton, New Jersey: Princeton University Press.
Reis, R. (2013), “Exit Strategies and the Federal Reserve,” in V. Reinhart (ed.), No Way Out: Government Responses to the Financial Crisis, American Enterprise Institute Press, available at http://www.columbia.edu/~rr2572/papers/12-AEI.pdf
Santor, E., and L. Suchanek (2013), “Unconventional Monetary Policies: Evolving Practices, Their Effects and Potential Costs,” Bank of Canada Review, Spring, 1-15.
Sellon, G. H. (2003), “Monetary Policy and the Zero Bound: Policy Options When Short-Term Rates Reach Zero,” Economic Review, Federal Reserve Bank of Kansas City, 88, 5-44.
Smaghi, L. B. (2009), “Conventional and Unconventional Monetary Policy,” Keynote Lecture at the International Center for Monetary and Banking Studies, Geneva, April.
Tobin, J. (1969), “A General Equilibrium Approach to Monetary Theory,” Journal of Money, Credit and Banking, 1, 15-29.
Taylor, J. (1995), “The Monetary Transmission Mechanism: An Empirical Framework,” Journal of Economic Perspective, 9, 11-26.
Trichet, Jean-Claude (2010), “State of the Union: The Financial Crisis and the ECB''s Response between 2007 and 2009,” Journal of Common Market Studies, 48, 7-19.
Vayanos, D., and Jean-Luc Vila (2009), “A Preferred-Habitat Model of the Term Structure of Interest Rates,” NBER Working Paper, No. 15487.