QEとは何かをアメリカを例に説明している。
量的緩和だが、これはFRBが国債やMBSを銀行から購入する政策である。通常の買いオペなどと異なるのは、膨大な額の購入であり、かつその行動が続く期間が非常に長いという点である（"unconventional"と称されているが、いまやconventionalになっている)。具体的にはFRBにあるメンバー銀行の口座に購入額が記帳され、国債やMBSはFRBに入ってくる。もちろん貸し方に記帳されることになる。この行為は、国債価格やMBS価格を上昇させるから、利子率を引き下げることになる。それが実体経済を刺激することを狙っているのである。
銀行は準備率を超える額については、それを取り崩し、企業への貸付に当てることになる。
これまで４度にわたってQEが行われてきている。日本、EUでもこの政策がとられてきている。その結果、中央銀行は巨額の債権を抱え込むことになっている。
What Is Quantitative Easing?
By Kimberly Amadeo, About.com Guide
Definition:Quantitative easing (QE) is the Federal Reserve's program of buying bonds from its member banks. The purpose of this expansionary monetary policy is to lower interest rates and spur economic growth.
The Fed purchases U.S. Treasury notes and mortgage-backed securities (MBS). It issues credit to the banks' reserves to buy the bonds.
Where does the money come from to purchase these assets? The Fed has the ability to simply create it. This unique ability is a function of all central banks. It has the same effect as printing money.
Quantitative easing is a massive expansion of the Fed's normal open market operations. Even before the recession, the Fed held between $700-$800 billion of Treasury notes on its balance sheet, varying the amount to tweak the money supply. The asset purchases are done by the Trading Desk at the New York Federal Reserve Bank.
Quantitative Easing Explained
How does quantitative easing work? The Fed adds credit to the banks' reserve accounts in exchange for MBS and Treasuries. The reserve account is the amount that banks must have on hand each night when they close their books. The Fed requires that around 10% of bank deposits be held either in cash in the banks' vaults or at the local Federal Reserve bank. For more, see Reserve Requirement.
When the Fed adds credit, the banks have more than they need in reserves. They now have more to lend to other banks. As banks try to unload their extra reserves, they drop the interest rate they charge. This is known as the Fed funds rate. This rate is the basis for all other interest rates. (Source: Federal Reserve Bank of San Francisco, What are the tools of U.S. monetary policy?)
QE increases the money supply because lower interest rates allow banks to make more loans. Bank loans stimulate demand by giving businesses more money to expand, and shoppers more credit to buy things with.
By increasing the money supply, QE keeps the value of the dollar low. This made U.S. stocks seem like a relatively good investment to foreign investors, and made U.S. exports relatively cheaper.
Quantitative easing stimulates the economy in another way. The Federal government auctions off large quantities of Treasuries to pay for expansionary fiscal policy. As the Fed buys Treasuries, it increases demand, keeping Treasury yields low. Since Treasuries are the basis for all long-term interest rates, it also keeps auto, furniture and other consumer debt rates affordable. The same is true for corporate bonds, allowing businesses to expand more cheaply. Most important, QE keeps long-term, fixed-interest mortgage rates low. And that's important to support the housing market.
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QE1 (December 2008 - June 2010)
QE2 (November 2010 - June 2011)
QE3 (September 2012 - Present)
QE4 (January 2013 - Present)
