voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2018-5-129-138voprecotest-405Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESПрограммы «количественного смягчения» как инструмент монетарной политикиQuantitative easing operations as an instrument of monetary policyУсоскинВ. М.UsoskinV. М.

д.  э.  н., проф., гл.  н.  с. Национального исследовательского института мировой экономики и международных отношений имени Е. М. Примакова РАН; проф. кафедры макроэкономики Российской академии народного хозяйства и государственной службы при Президенте РФ (Москва)

v_ouss31@mail.ruНациональный исследовательский институт мировой экономики и международных отношений имени Е. М. Примакова РАН; Российская академия народного хозяйства и государственной службы при Президенте РФРоссияPrimakov National Research Institute of World Economy and International Relations, RAS; Russian Presidential Academy of National Economy and Public AdministrationRussian Federation20182005201805129138Copyright © Voprosy Ekonomiki, NP, 20182018Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/405

Операции «количественного смягчения», активно проводившиеся в течение последнего десятилетия центральными банками разных стран, стали реакцией на слабость традиционных инструментов для противодействия финансовому кризису 2007-2009 гг. и последующей рецессии. В статье анализируются содержание и особенности таких программ, теоретические схемы каналов их воздействия на экономическую конъюнктуру, а также результаты эконометрических исследований эффективности этого метода денежно-кредитной политики. Сделан вывод, что операции «количественного смягчения» (покупка центральными банками крупных партий государственных и частных ценных бумаг) оказали существенное влияние на состояние финансовых рынков, но были гораздо менее успешными в достижении макроэкономических целей монетарной политики.

Quantitative easing operations (QE) carried out during the last ten years by world central banks have become a reaction to the weakness of traditional instruments used to counteract the financial crisis of 2007-2009 and the following recession. This article reviews the peculiar features of QE, theoretical explanations of their influence on economic situation and the evidences of their efficiency as an instrument of monetary policy. The author concludes that QE exerted a considerable impact on financial markets processes but they were much less successful in reaching macroeconomic goals of monetary policy.

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The authors declare that there are no conflicts of interest present.