美联储利率调控机制的历史演变与当前挑战

Evolution and Challenges of the Fed’s Rate Adjustment Mechanism

美联储的利率调控机制在金融危机前后发生了重大转变,从以公开市场操作为主的模式过渡到以利率走廊为主的模式。新冠肺炎疫情暴发后,作为安全资产的美元需求陡增,美联储加速扩张资产负债表,将准备金供给曲线重新右移甚至超过危机后的水平,使得IOER能继续发挥利率走廊上限的作用。由于其准备金需求曲线的斜率或比过去更加陡峭,美元流动性背后仍然暗藏风险。

The Fed has changed its basis for interest rate adjustment from open market operations to interest rate corridors around the 2008 financial crisis.After the outbreak of the COVID-19 pandemic,as the demand for the US dollar as a safe asset sharply increased,the Fed accelerated the expansion of its balance sheet,re-shifting the reserve supply curve rightwards to a point well exceeding the post-crisis level,so that the IOER remained the ceiling of the interest rate corridor.As the slope of its reserve demand curve could be steeper than ever before,risks still lurk behind the dollar liquidity.