金融危机条件下美联储新货币政策工具的运用

次贷危机爆发后，美联储根据本国金融市场变化情况，在《联邦储备法令》的授权下，创设了包括定期标售工具、定期证券借贷工具、一级交易商信用工具、货币市场投资者融资工具在内的7种新型货币政策工具，旨在为各类金融机构提供流动性支持，鼓励金融机构的放贷积极性，及恢复金融市场功能。该文详细介绍这些新型货币政策工具的操作规则及市场功能。

Federal Reserve's new monetary policy instruments against financial crisis

After the subprime crisis emerged,the US Federal Reserve created seven new monetary policy tools based on its financial market situation and authorized by the Federal Reserve Act,including Term Auction Facility,Term Security Lending Facility,Primary Dealers Credit Facility and Money Market Investor Funding Facility.The purpose of these new tools is to help provide liquidity to financial institutions and encourage their lending activities,and resume the normal functions of the financial market.This paper spe...