Analysis On The Implementation Process And Effect Of The Quantitative Easing Monetary Policy In The United States

America subprime mortgage crisis caused by the international financial crisis poses a significant threat to the global banking and financial markets and financial stability at the same time, have a serious negative impact on the world economy, global economic downturn. To prevent the spread of financial crisis and economic recession in the world’s major economies further, to USA led almost coordinated the quantitative easing monetary policy, this paper tries to discuss the quantification of USA taken to cope with the international financial crisis easing of monetary policy, in order to reveal the mechanism and effects of quantitative easing monetary policy and the influence to economy bring, the results of the quantitative easing policy after the implementation of whether achieved the desired.Quantitative easing monetary policy earliest originated in Japan in 2001 occurred in the period of economic recession, the economy is in a liquidity trap situation, the entire economic investment willingness and demand is very low, but the traditional monetary policy at this time has lapsed, and no conventional quantitative easing monetary policy emerge as the times require. The failure of traditional monetary policy liquidity trap theory of Keynes shows that, the increase in money supply to lower interest rates and stimulate the effective demand.In this financial crisis, America taken quantitative easing monetary policy, the main content is by lowering interest rates close to zero, and then commit to the low interest rates to keep the price level continued to rise and return to normal levels, the use of innovative tools for massive provision of liquidity and a large number of buy bonds directly means to restore financial market of the financial market and financial institutions. Analysis of the implement effect of the policy content in this paper American take, found that policies to solve the freezing of credit markets and stimulate the economy (in fact here can be understood as ascending inflation) has positive function recovery.This paper focuses on the implementation effect American quantitative easing monetary policy analysis, the transmission mechanism of monetary policy to cope with the financial crisis American empirical explanation by direct purchases of commercial banks and the financial system, financial assets, financial assets will flow replacement for the poor liquidity of high cash, and then use the reverse operation by buying long selling short hold down long-term interest rate expectations, and preliminary effects of quantitative easing monetary policy to solve the time delay effect 2007 austerity policies and the international financial crisis,in time to avoid America further economic decline and the America economic recovery.This paper comes to the following conclusions:first, quantitative easing monetary policy to financial stability as the goal,at the same time pay attention to the multi-dimensional economic variables,the existence of the following policy transmission path,theoretically guaranteed, the balance sheet expansion effect and comprehensive asset effect etc. Second, the main way of implementing quantitative easing monetary policy, mainly by lowering interest rates and a commitment to maintain for a long period of time to provide financial institutions liquidity to financial markets direct injection of liquidity and the purchase of government bonds in four aspects.Third, quantitative easing monetary policy is essential to get rid of the crisis, mainly for the global economy created monetary loose policy environment, and guide the formation of long-term low interest rate expectations, remodeling related subject of confidence and stability of the financial system, ease deflationary situation, launched a global economic recovery. Fourth, the quantitative easing monetary policy in the financial crisis after the outbreak of America in, commercial banks and financial institutions lost to the entity economy transfusion function, this is in fact the credit freeze, quantitative easing monetary policy needs to solve the first problem is that the credit freeze.In the structure design, this paper is divided into four chapters, the first chapter mainly analyzes the differences of quantitative easing and traditional monetary policy, through the policy objective, intermediate target, analysis of the transmission mechanism, listed the quantitative easing policy and traditional monetary policy through the analysis of different, says the USA monetary policy is in fact a completely different from the traditional monetary policy monetary policy experiment.The second chapter from the background of implementing quantitative easing policies starting, respectively describe the implementation of American three quantitative easing the intention and implementation process, implementation intentions and implementation process described by quantitative easing, finishing USA quantitative easing policies need to achieve the purpose of America, quantitative easing is mainly divided into two main purposes, in the early stage the first round of quantitative easing, the main purpose is to solve the American market policy financial market credit freeze problem, the second and the third round of quantitative easing policy of the second stages of the main purpose is to stimulate the economy by pushing down long-term interest rates.The third chapter based on the analysis in the second chapter, the implementation effect of the quantitative easing policy is mainly the effect of credit expansion and economic stimulus effect to carry on the analysis, in the analysis of the effect of credit expansion, the main analysis of the quantitative easing in monetary expansion, credit stimulus and other aspects of the effect, in the economic stimulus, mainly analyzes the effects of quantitative easing policy in the inflation, the price of long-term funds.The fourth chapter of the quantitative easing policy after the implementation of the actual economic performance analysis, whether the policy of quantitative easing has reached the美联储(hereinafter abbreviated as美联储)of the policy is expected to evaluate.