货币政策操作不当加剧次贷危机:基于协整模型的实证检验

Misconduct of Monetary Policy Promoting the Subprime Crisis:The Empirical Analysis Based on Co-integration Model

美国次贷危机的发生既有体制方面的因素,也与美国货币政策操作不当密切相关。从理论与实证两方面研究了美国货币政策与次贷危机之间的关系。研究表明,美国长期低利率货币政策以及政策的较大波动幅度在一定程度上助长了次贷危机的发生。希望本文的研究结果对我国货币政策操作有所启示。

The Subprime Crisis was caused not only by the mechanism of subprime mortgage industrial chain, but also by the FED＇s monetary policy operations. This paper demonstrates the relationship between FED＇s monetary policy and subprime crisis from theory and empirical analysis. The research outcome illustrates that FED＇s long-term low interest rate policy and high volatility of monetary policy promote the crisis, and I hope this paper＇s outcome may be somewhat illuminative to the monetary policy operation in our country.