Federal Reserve Launches QE3|联准会启动第 3 次量化宽松政策

Federal Reserve Launches QE3

The US Federal Reserve announced plans to unleash more stimulus on September 13, 2012 in its third attempt at a controversial program to rev up the weak US economy. The policy, known as quantitative easing and often abbreviated as QE3, entails buying US$40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months.

The Fed said its goal is to stimulate the housing market and keep long-term interest rates low, and it will persist with the policy until the outlook for the job market improves substantially. HoweAver, the Fed's action drew some criticism from those that argue QE has proved ineffective and is devaluing the dollar. QE is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policies have become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions with newly-created money in order to inject a pre-determined quantity of money into the economy.

Quantitative easing can be used to help ensure that inflation stays within range. Its risks include the policy being more effective than intended in acting against deflation, which could lead to higher inflation. On the other hand, it may not be effective enough if banks do not lend out their additional reserves.

    1.     Why did the Fed do quantitative easing for a third time?

(A) The first two times were very successful.

(B) It was trying to kick-start the struggling economy in the US.

(C) It had just lost US$40 billion in securities.

(D) It wanted to improve the economy before the presidential election.

    2.     What do critics say about QE3?

(A) It makes interest rates skyrocket.

(B) It will raise unemployment numbers.

(C) It is too effective.

(D) It devalues the dollar.

    3.     Where would this article most likely be found?

(A) In a business magazine.

(B) In a physics textbook.

(C) In a novel about the stock market.

(D) In the sports section of a newspaper.

联准会启动第 3 次量化宽松政策

美国联邦准备理事会于 2012 年 9 月 13 日宣布释放更多经济刺激方案，其第 3度尝试此争议性计划的目的是要激发美国疲弱的经济。这项名为量化宽松的政策通常缩写为 QE3，政策中需要联准会每月购买 400亿美元的不动产抵押债券。由于联准会将重新评估未来数月的经济力度，因此该政策何时终止还未确定。

联准会表示其目的是要刺激房市并抑制长期利率，联准会也会持续推展政策，直到就业市场的前景有大幅度的改善。然而，这次联准会的行动却引来了批评，那些批评者认为量化宽松政策已被证实不具成效且正造成美金贬值。量化宽松是各国央行所使用的非传统货币政策，目的是要在传统货币政策无效时能刺激国内经济。央行藉由使用新造货币来向商业银行及其他私营机构购买金融资产来执行量化宽松，目的是要将事先预定好数量的资金投注到经济体内。

量化宽松政策能用来协助确保通货膨胀的情况在许可范围之内。但量化宽松的风险包括该政策在对抗通货紧缩时若产生比预期还大的功效，将会导致更高的通货膨胀率。另一方面，假如银行不将额外的储备金放贷给民间，量化宽松可能也不会有足够的成效。

答案：  1.  B   2.  D   3.  A

自 2008年以来的近 5 年，联准会推出了 3 轮量化宽松政策（QE1、QE2、QE3），同时推出了2轮扭转操作（OT1、OT2）。这 5 年期间推出的这 5 轮重量级『非常规货币政策』，为世界带来了机会，也带来了风险。量化宽松是『常规货币政策』失效下的『非常规货币政策』，联准会却把它变成了常规货币政策，这意味此时此刻全球经济正经历非常规时期。量化宽松是直接开动印钞机印钞票，向市场注入流动货币供应总量，具体方式就是央行印钞购买金融机构证券、国债及债券等。（数据源：和讯网）