Monetary Policy Normalization in the United States
Monetary Policy Normalization in the United States
复制标题
美国货币政策正常化
DOI：
10.20955/r.2015.87-108
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Stephen D. Williamson
中科院分区：
文献类型：
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作者：
Stephen D. Williamson
由于联邦储备委员会在大衰退和复苏期间对货币政策采取了非常规的做法，美联储现在发现自己处于非常规的境地。六年多来，短期名义利率一直接近于零，美联储的资产负债表目前是2007年的四倍多。本文解释了美联储如何以及为什么会陷入这种局面，以及这给美联储政策回归“正常”状态带来的挑战，在这种状态下，美联储的名义利率目标高于零，其资产负债表规模缩小。
Because of the Federal Reserve's unconventional approaches to monetary policy during the Great Recession and recovery, the Fed now finds itself in an unconventional situation. Short-term nominal interest rates have been close to zero for more than six years, and the Fed's balance sheet is currently more than four times as large as in 2007. This article explains how and why the Fed got into this situation and the challenges this creates in returning Fed policy to "normal" state in which the Fed's nominal interest rate target is above zero and its balance sheet is reduced in size.