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Baris 1: {{Keuangan publik}} '''Pelonggaran kuantitatif''' ('''QE''', singkatan dari ''quantitative easing'') adalah [[kebijakan moneter]] non-konvensional yang dipakai [[bank sentral]] untuk mencegah penurunan suplai uang ketika kebijakan moneter standar mulai tidak efektif.<ref>{{cite web\|last=King\|first=Mervyn\|title=No guarantee bank lending will rise, says Mervyn King\|url=http://www.bbc.co.uk/news/business-15446545}}</ref><ref>{{cite news\|url=http://www.economist.com/node/14649284\|work=The Economist\|title=Loose thinking\|date=15 October 2009}}</ref><ref>[http://www.bankofengland.co.uk/publications/events/QEConference/index.htm Publications \| Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November] {{Webarchive\|url=https://web.archive.org/web/20111231023346/http://www.bankofengland.co.uk/publications/events/QEConference/index.htm \|date=2011-12-31 }}. Bank of England (18 November 2011).</ref> Bank sentral memberlakukan pelonggaran kuantitatif dengan membeli [[aset keuangan]] dalam jumlah tertentu dari [[bank\|bank komersial]] dan institusi swasta lainnya, sehingga meningkatkan [[basis moneter]]nya.<ref>{{cite web \| url =http://www.bankofengland.co.uk/education/Documents/targettwopointzero/t2p0_qe_supplement.pdf \| title =Quantitative easing – injecting money into the economy \| author =''[[Bank of England]]'' \| publisher =bankofengland.co.uk \| date =27 May 2013 \| access-date =2013-10-13 \| archive-date =2016-12-29 \| archive-url =https://web.archive.org/web/20161229183127/http://www.bankofengland.co.uk/education/Documents/targettwopointzero/t2p0_qe_supplement.pdf/ \| dead-url =yes }}</ref> Ini berbeda dengan kebijakan pembelian atau penjualan [[obligasi pemerintah]] yang bertujuan mempertahankan suku bunga pasar pada target tertentu.<ref name="BOE QE Explained (pdf)">{{cite book\|title=Quantitative Easing Explained\|year=2011\|publisher=[[Bank of England]]\|location=London\|quote=The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.\|url=http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf\|access-date=2013-10-13\|archive-date=2010-10-30\|archive-url=https://web.archive.org/web/20101030003754/http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf\|dead-url=yes}}</ref><ref>{{cite web \|title=Quantitative Easing\|url=http://www.bankofengland.co.uk/publications/quarterlybulletin/qb090201.pdf \|publisher=[[Bank of England]]\|quote=The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money\|access-date=2013-10-13\|archive-date=2012-09-02\|archive-url=https://web.archive.org/web/20120902083458/http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb090201.pdf\|dead-url=yes}}</ref><ref name="bbcnews"/><ref name="BOE QE Explained (web)">{{cite web \|title=Quantitative Easing Explained \|url=http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm \|publisher=[[Bank of England]] \|quote=This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from. \|access-date=2013-10-13 \|archive-date=2009-03-16 \|archive-url=https://web.archive.org/web/20090316193610/http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm \|dead-url=yes }}</ref> [[Kebijakan moneter ekspansioner]] biasanya terjadi ketika bank sentral membeli obligasi pemerintah jangka pendek untuk menurunkan suku bunga pasar jangka pendek.<ref>[http://www.auburn.edu/~johnspm/gloss/open_market_operations Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson]. Auburn.edu.</ref><ref name="omofed">[http://www.newyorkfed.org/aboutthefed/fedpoint/fed32.html Open Market Operation – Fedpoints]. Federal Reserve Bank of New York.</ref><ref>[http://www.snb.ch/en/iabout/monpol/id/monpol_instr Monetary policy Instruments]. Swiss National Bank.</ref><ref name="omoecb">{{cite book\|title=The implementation of monetary policy in the euro area\|year=2008\|publisher=European Central Bank\|pages=14–19}}</ref> Akan tetapi, saat suku bunga jangka pendek berada di atau mendekati [[kebijakan suku bunga nol\|nol]], [[kebijakan moneter]] normal tidak mampu lagi menurunkan suku bunga.<ref>{{cite web \| url=http://www.bbc.co.uk/news/business-15198789 \| title =What is quantitative easing? \| author =''[[BBC]]'' \| publisher =bbc.co.uk \| date =6 March 2013}}</ref> Pelonggaran kuantitatif kemudian bisa diterapkan oleh otoritas moneter untuk menstimulasi ekonomi dengan membeli aset-aset berjangka panjang ketimbang obligasi pemerintah jangka pendek, sehingga menurunkan suku bunga jangka panjang sampai keluar [[kurva imbal]].<ref name="Q&A: Quantitative easing">{{cite web\|url=http://www.frbsf.org/education/activities/drecon/2010/0310.html\|title=Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?\|date=March 2010\|publisher=[[Federal Reserve Bank of San Francisco]]\|accessdate=4 April 2011}}</ref><ref name="federalreserve.gov">{{cite web\|url=http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm\|title=The Crisis and the Policy Response\|last=Bernanke\|first=Ben\|date=13 January 2009\|publisher=[[Federal Reserve]]\|accessdate=4 April 2011}}</ref> Pelonggaran kuantitatif menaikkan harga aset keuangan yang dibeli yang kemudian menurunkan [[Imbal (keuangan)\|imbalnya]].<ref name="guardiannews">{{cite news\|title=Guardian Business Glossary: Quantitative Easing\|url=http://www.guardian.co.uk/business/2008/oct/14/businessglossary\|work=The Guardian\|accessdate=19 January 2009\|location=London\|first=Larry\|last=Elliott\|date=8 January 2009}}</ref> Baris 27: * [http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm Bank of England – Quantitative Easing] {{Webarchive\|url=https://web.archive.org/web/20090316193610/http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm \|date=2009-03-16 }} * [http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf Bank of England – QE Explained Pamphlet] {{Webarchive\|url=https://web.archive.org/web/20101030003754/http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf \|date=2010-10-30 }} * [http://www.smeggys.co.uk/smeggy_info/Modern_Money_Mechanics.pdf Modern Money Mechanics] {{Webarchive\|url=https://web.archive.org/web/20200806130502/http://www.smeggys.co.uk/smeggy_info/Modern_Money_Mechanics.pdf \|date=2020-08-06 }} Federal Reserve Document Explaining How Money Is Created * [http://www.ft.com/cms/s/0/8ada2ad4-f3b9-11dd-9c4b-0000779fd2ac.html Quantitative easing explained (Financial Times Europe)] * [http://www.federalreserve.gov/newsevents/speech/duke20090616a.htm A Fed Governor Discusses Quantitative Easing Among Other Topics] {{DEFAULTSORT:Pelonggaran Kuantitatif}} ~~{{ekonomi-stub}}~~ [[Kategori:Keuangan]] [[Kategori:Ekonomi makro]]