再析美国金融危机前的利率政策
发布时间：2019-04-01 07:35
【摘要】：全球金融危机和美国货币政策的变化密不可分,美国货币利率持续13次调降之后又持续17次大幅提升,从低利率货币信贷扩张的流动性过剩到高利率的流动性紧缩,使宏观经济产生剧烈波动,前期低利率带来过剩的流动性,后期利率的提高造成巨量房地产泡沫的破灭。由于美联储货币政策一贯秉持的"泰勒规则"指导原则没有纳入资产价格因子,致美联储货币政策调控失误。
[Abstract]:The global financial crisis is inextricably linked to the changes in US monetary policy, with US monetary rates falling 13 times and then rising 17 times, from excess liquidity in the expansion of low-interest money credit to tight liquidity at high interest rates. The macro-economy fluctuates violently, the low interest rate in the early stage brings excess liquidity, and the increase in the interest rate in the later period causes the bursting of the huge real estate bubble. The failure of the Federal Reserve's monetary policy to regulate its monetary policy was due to the fact that the Taylor rule, which has always been the guiding principle of the Federal Reserve's monetary policy, does not incorporate asset price factors.
【作者单位】： 深圳大学经济学院;
【分类号】：F827.12
[Abstract]:The global financial crisis is inextricably linked to the changes in US monetary policy, with US monetary rates falling 13 times and then rising 17 times, from excess liquidity in the expansion of low-interest money credit to tight liquidity at high interest rates. The macro-economy fluctuates violently, the low interest rate in the early stage brings excess liquidity, and the increase in the interest rate in the later period causes the bursting of the huge real estate bubble. The failure of the Federal Reserve's monetary policy to regulate its monetary policy was due to the fact that the Taylor rule, which has always been the guiding principle of the Federal Reserve's monetary policy, does not incorporate asset price factors.
【作者单位】： 深圳大学经济学院;
【分类号】：F827.12
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