再析美国金融危机前的利率政策

Reviewing the Interest Policy of the Federal Reserve before the Global Financial Crisis

全球金融危机和美国货币政策的变化密不可分,美国货币利率持续13次调降之后又持续17次大幅提升,从低利率货币信贷扩张的流动性过剩到高利率的流动性紧缩,使宏观经济产生剧烈波动,前期低利率带来过剩的流动性,后期利率的提高造成巨量房地产泡沫的破灭。由于美联储货币政策一贯秉持的"泰勒规则"指导原则没有纳入资产价格因子,致美联储货币政策调控失误。

There is close link between the U.S. monetary policy and the global financial crisis. The U.S. federal funds rate had been raised for 13 times and later reduced for 17 times continuously, with credit expansion and superfluous liquidity under cheap money during early stage and liquidity crunch and asset bubble under dear money during later period, making the macro economy violently fluctuate. The reason why the Federal Reserve ignored asset bubble is that there is no the element of asset price in the Taylor Rule, the guiding principle that the Federal Reserve has been insisting,, misleading the U.S. monetary policy.