2007-2009年金融危机时期美联储资产负债结构转换的实证分析

An Empirical Analysis of the Transformation of the Fed's Asset and Liability Structure during Financial Crisis in 2007-2009

当短期官方名义利率降至零附近后,美联储采取了"信贷宽松"的策略应对金融危机。"信贷宽松"的一个主要内容是美联储对其资产负债结构的主动性调整。本文在阐释中央银行资产负债结构转换基本原理及其理论基础之上,实证分析了美联储资产负债结构的转换过程,并简要评析了其作用效果。

When short-term official nominal interest rate declined to around zero, the Fed adopted ＂Credit Easing＂ strategy to cope with financial crisis. One main content of ＂Credit Easing＂ refers to the Fed＇s initiative adjustment of its asset and liability structure. The article illustrates and explains the fundamental principles of central bank＇s transformation of its asset and liability structure, empirically analyzes the transformation process, and briefly comments on the effects.