发达国家应对通货紧缩及通缩预期对经济增长影响的政策研究

摘要

当前，中国经济面临通货紧缩风险，市场通缩预期对需求和经济增长产生了明显影响。日本、美国、欧洲等发达国家在应对通货紧缩影响中所实施的宏观调控政策，即以非传统货币政策（UMP）为主体的宏观经济政策，效果突出。虽然中国的经济运行和宏观政策背景与发达国家有很大不同，特别是货币政策仍运行于常规政策的框架内，但发达国家应对通货紧缩及通缩预期的宏观政策取向、国际经济学家研究这种政策及其效果的方法和理论，仍然对中国经济的发展有一定的借鉴作用。%At present, China’s economy faces risks of deflation, the market expectation of deflation has obvious influence on demand and economic growth. This paper introduces and analyzes the macro-control policies implemented by Japan, the United States and Europe in dealing with the influence of deflation, namely the macroeconomic policy which main body is unconventional monetary policy (UMP).Although our country’s economy and macro policy background have great difference from developed countries, especially our monetary policy is still operating within the framework of convention, but developed countries’ macro policy orientation of coping with deflation and deflationary expectations, and international economists’methodology and theory in studying this policy and its effect, still have a certain model function to us.