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Quantitative easing (QE) is a type of monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective.〔(Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November ). Bank of England (18 November 2011).〕 A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the money supply. This differs from the more usual policy of buying or selling short-term government bonds to keep interbank interest rates at a specified target value.〔(【引用サイトリンク】url= http://www.bankofengland.co.uk/publications/quarterlybulletin/qb090201.pdf )〕〔〔(【引用サイトリンク】url= http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm )〕 Expansionary monetary policy to stimulate the economy typically involves the central bank buying short-term government bonds to lower short-term market interest rates.〔(Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson ). Auburn.edu.〕〔(Open Market Operation – Fedpoints ). Federal Reserve Bank of New York.〕〔(Monetary policy Instruments ). Swiss National Bank.〕 However, when short-term interest rates reach or approach zero, this method can no longer work. In such circumstances monetary authorities may then use quantitative easing to further stimulate the economy by buying assets of longer maturity than short-term government bonds, thereby lowering longer-term interest rates further out on the yield curve. Quantitative easing can help ensure that inflation does not fall below a target.〔 Risks include the policy being more effective than intended in acting against deflation (leading to higher inflation in the longer term, due to increased money supply), or not being effective enough if banks do not lend out the additional reserves. According to the International Monetary Fund, the US Federal Reserve, and various other economists, quantitative easing undertaken since the global financial crisis of 2007–08 has mitigated some of the economic problems since the crisis.〔(Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies; by Vladimir Klyuev, Phil de Imus, and Krishna Srinivasan; IMF Staff Position Note SPN/09/27; 4 November 2009. ). (PDF).〕〔("Evaluating Large-Scale Asset Purchases," 11 October 2012 )〕〔 〕 == Process == Quantitative easing is distinguished from standard central banking monetary policies, which are usually enacted by buying or selling government bonds on the open market to reach a desired target for the interbank interest rate. However, if a recession or depression continues even when a central bank has lowered interest rates to nearly zero, the central bank can no longer lower interest rates. The central bank may then implement a set of tactics known as quantitative easing. This policy is often considered a last resort to stimulate the economy. A central bank enacts quantitative easing by purchasing—without reference to the interest rate—a set ''quantity'' of bonds or other financial assets on financial markets from private financial institutions.〔 The goal of this policy is to facilitate an expansion of private bank lending; if private banks increase lending, it would increase the money supply, though QE does directly increase the broad money supply even without further bank lending. Additionally, if the central bank also purchases financial instruments that are riskier than government bonds, it can also lower the interest yield of those assets. Quantitative easing, and monetary policy in general, can only be carried out if the central bank controls the currency used in the country. The central banks of countries in the Eurozone, for example, cannot unilaterally expand their money supply and thus cannot employ quantitative easing. They must instead rely on the European Central Bank (ECB) to enact monetary policy.〔(【引用サイトリンク】title=Protocol on the Statute of the European System of Central Banks and of the European Central Bank: statements 14.4, 18.2 )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「quantitative easing」の詳細全文を読む スポンサード リンク
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