| 關 鍵 詞： |
歐洲央行；美國央行；貨幣政策；央行獨立性；央行歸責性 |
| 中文摘要： |
中央銀行的貨幣政策關係到國計民生，有學者稱自十九世紀末至二十一世紀初是中央銀行的世紀，雖然在本世紀初（二○○八及二○二○年）的兩大危機中，中央銀行發揮了很大穩定的作用，然而其使用的長期低利政策，量化寬鬆（QE）與負利率的所謂非傳統貨幣政策已產生所謂「金融壓迫」的效果，使儲蓄者須提前做更多積蓄，亦未必能維持退休後之合理生活，而銀行、保險公司、退休基金等之經營亦日益困難。而中央銀行決策者之片言隻字，即可使股、債、匯市產生重大波動，使貧者越貧、富者越富，而其政策亦使財富自儲蓄者流向資金使用者，其財富重分配效果之趨勢值得正視。
本文聚焦於全球金融危機（the Global Financial Crisis of 2007-2008）後，以歐洲央行（European Central Bank, ECB）及美國央行（Federal Reserve）為例，從制度面探討貨幣政策演變趨勢，及其與央行獨立性（Central Bank Independence）的關係，並對過度寬鬆貨幣政策日益嚴重的副作用，就央行歸責性（Central bank accountability）的角度，說明其可能的改進之道。
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| 英文關鍵詞： |
European Central Bank；Federal Reserve；monetary policy；Central Bank Independence；Central Bank accountability |
| 英文摘要： |
The monetary policy decisions made by central banks are highly important. Some scholars even say the period between the end of the nineteenth century and the beginning of the twentieth century is "the century of central banks.9, Although central banks played stabilizing roles during the 2008 financial crisis and the 2020 crisis caused by the COVID-19 pandemic, the unconventional monetary policies such as quantitative easing (QE) have caused the so-called financial repression. In other words, savers have to save more and earlier and still do not necessarily ensure the reasonable living standard after their retirement. The management of banks, insurance companies, and pension funds has become increasingly difficult. The words of the policymakers in central banks are able to cause fluctuations in stock markets, debt markets, and currency markets, making the poor poorer and the rich richer. In the meantime, wealth flows from the savers of money to the users of money, redistributing wealth significantly.
This article focuses on the monetary policies adopted by the European Central Bank and the Federal Reserve after the Global Financial Crisis of 2007-2008. From the institutional perspective, this article explores the trend of development in monetary policy and its relationship with Central Bank Independence. In addition, this article discusses the side effects of excessively easy monetary policy and possible reform from the perspective of central bank accountability.
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| 目 次： |
壹、前言
貳、中央銀行的功能
參、中央銀行的獨立性
肆、傳統與非傳統貨幣政策
伍、歐洲央行的貨幣政策
陸、美國央行的貨幣政策
柒、歐美央行對新冠疫情之因應
捌、未來展望（代結論）
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