金融危机后日本银行货币政策框架演变与启示

为了应对全球性金融危机对金融系统的冲击,日本银行采用了极为宽松的货币政策,在灵活调整货币政策框架的同时运用了大量传统和非传统的政策工具。文章主要从货币政策目标、货币政策工具以及货币政策传导机制三个方面考察了金融危机后日本银行从传统货币政策体系框架向量化货币政策体系框架的演变过程。日本银行的政策实践对我国进一步完善货币政策框架有一定的借鉴和启示。

The Framework and Inspiration in Monetary Policy of Bank of Japan after the Global Financial Crisis

In order to cope with the global financial crisis on the impact to the financial system, the Bank of Japan adopted a very loose monetary policy. While adding flexibility to adjust the monetary policy framework, Bank of Japan carried out a large number of traditional and non-traditional policies. From the perspective of monetary policy objective, monetary policy tools and monetary policy transmission mechanism, this article illustrates the process of evolution of Bank of Japan, which changes from the traditional monetary policy framework to the framework of Quantitative easing policy after the financial crisis. The practice of Bank of Japan’s policy gives us some inspirations on further improving our monetary policy framework.