美国货币市场与联储救市政策工具的实施效果

金融危机爆发后,美国货币市场流动性几近枯竭,为重启和恢复货币市场功能,美联储新增多种政策工具向金融机构提供了大量流动性。该文重点分析了这些政策工具的设计意图及实施效果,指出实施救助后,美国货币市场运行趋于正常,但除短期国债市场外,其他子市场的融资量尚未恢复到危机前水平;美国货币市场的表现再现了美国实体经济的问题,而要解决这些问题,单靠联储的货币政策是远远不够的。

The US money market and the effectiveness of the Fed's bailout policy instruments

After the financial crisis broke out,liquidity in the US money market was almost exhausted.To activate and recover the functions of the money market,the Federal Reserve has introduced a variety of policy instruments to provide large amounts of liquidity to financial institutions.This paper first focuses on an analysis of intentions underlying the design of these policy instruments and of the effects of implementing them,before pointing out that while US money market operations have tended to return to norma...