美在14日息上估6,000美元券的效果，并的在影，政策降低了美大券模的力。

合媒12月14日，美11月推出受批的6,000美元，以刺激，其目前此的效果行估。

美主席伯南克(Ben Bernanke)和其同僚14日行2010年最後一次政策，不有政策上的改。相反，美策者估一的效果，并的在影。

美11月3日宣布其第二刺激政策之后，股市始走高。是有促作用的，因更大模的股票投合使得人，尤其是富人更加向於大支出。

而另一方面，抵押款利率上，背了美定目之一。30年期固定利率抵押款利率已上升至4.61%。11月份的4.17%的近40年最低水平已大幅上升。

美定至6月底6,000美元的政府券，旨在刺激美人大支出，而刺激。

甚至支持者都心，美的效果是和的。甚至美推出此之后，伯南克施通刺激措行干。伯南克警告，美不能解。

共和到美部官的批家也表示，他心美的干涉刺激通以及街的投性入，同刺激有太大作用。

因增非常慢，美11月失率激增至9.8%的7月高。美失率已19月超出9%，以的最期。美失率2011年能再次突破10%，正如2009年末一。

持的高失率是美定施券的一主要因素。

美巴和院共和成的正在增加的希望。家，其刺激人和企支出。而加增并促使企增加雇量。

的要包括：2001年和2003年收入削政策延期年；期失救延期13月；2011年削雇社保收。

摩根大通(JPMorgan)家Michael Feroli表示，“乎可以定地政政策的在改，但明可能避免提及一性”。

美推出6,000美元，其表示如果仍然疲弱，有可能券模大至6,000美元以上。如果增於期，其小券模。

美行干，其之可能低券收益率。另一方面，如果其出售券或小模，收益率可能上升。

伯南克在一采中表示，美定期核券。

家，即使政策予外助，美可能持其。政策降低了美大券模的力。家期，但2011年高失率阻止美模。

於高失率的，美保持利率於接近於零的最低水平，并再次承在”更期“持利率不。

即使施第二刺激措，美2011年失率可能高9.1%，2012年大年高8.2%。伯南克近期警告，可能需要四五年才能失率降至5%或6%的史正常水平。

(杜慧琴 )

免明：本文所料供考，并不成投建，世料或使用料所致的果概不承任何任。若料原文有，概以原文。
世中心：editor@shihua.com.cn ：010-58022299235

美量化一波未平一波又起，由於美工部日前公布的11月就告果不如期，主席柏南克透露，有可能大2次化(QE2)的金上限超6000美元，亦不排除再度推出第3波的量化政策(QE3)，激今(6)日台北股市，加指跳空高，早站上8700；新台率早更是升超6角。

新台早以30.745元平出，在金行情推升之下，新台率一路，早升幅突破6角，一度6.35角，走高到30.11元，大再度兵30元大之下。

美工部日前公布11月份的就告，全美失率高於期的9.6%，走高到9.8%，下4月以的新高，由於就未明改善，示美步。也促使柏南奇在接受指出，政府取一切行打失率，除了有加QE2，甚至不排除推出QE3的可能。

於美有可能再度救市，台央行是以待；在QE3的期心理影推升下，台北股市早，不但股市高走高突破8700，新台美元率更是升逾6角，中升幅下波段新高；截至上午10，新台仍升值5.83角，到30.162元位。

Times Topics > Subjects > Q > Quantitative Easing

Quantitative Easing

Updated: Nov. 3, 2010

Central banks usually strengthen the economy through a single,vastly powerful tool lowering interest rates. When the Federal Reserve makes it cheaper for banks to borrow money, that stimulus generally flows through the entire economy, as the banks make loans that in turn stimulate economic activity.

But when times are so dire that banks are reluctant to lend orborrowers to borrow whatever the cost, interest rate cuts lose their punch. That happened in Japan after the bursting of its real-estate bubble in 1991, and happened again in the wake of the credit crisis that upended Wall Street in the fall of 2008. In those circumstances, central banks turn to what economists call "quantitative easing'' unorthodox methods of pumping money into an economy and working to lower interest rates that central bankers do not usually control.

The most usual approach is large-scale purchases of debt. The effect is the same as printing money in vast quantities, but without ever turning on the printing presses. The Fed buys government or other bonds and writes down that it has done so what is called "expanding the balance sheet." The bank then makes that money available for banks to borrow, thereby expanding the amount of money sloshing around the economy thereby, it hopes, reducing long-term interest rates.

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The Federal Reserve introduced a slew of lending programs in its effort to revive corporate and consumer lending.  After the financial crisis of September 2008, the Fed’s balance sheet ballooned from about $900 billion to more than $2 trillion as it created new money and lent it out through all its new programs. It brought the purchase program to an end in the spring of 2010, but as the recovery faltered Fed officials signaled in the fall that they were prepared to undertake a new round to try to fight persistently low inflation and high unemployment.

First the bank began to reinvest proceeds from its mortgage-related holdings to buy Treasury debt; it plans to purchase $250 billion to $300 billion worth in that way. Then, the day after the November 2010 elections, the Fed announced that it would purchase an additional $600 billion in long-term Treasury securities. The two moves would just about double the $800 billion or so in Treasury debt already on the Fed’s balance sheet.

Most economists credit quantitative easing, along with near-zero interest rates, the stimulus bill and the federal bank bailout, with preventing a global depression. But they also made the Fed the focus of unusual scrutiny and criticism, with some critics warning it was sowing the seeds of future inflation.  In October 2010, Mr. Bernanke gave a detailed account of the measures he said the Fed could use to prevent such long-term damage.

Other economists have warned that quantitative easing may be of limited use when the problem is a lack of demand, rather than of liquidity that consumers and businesses are uninterested in spending in the face of high unemployment no matter how much cheap money isaround.

http://topics.nytimes.com/top/reference/timestopics/subjects/q/quantitative_easing/index.html