再析美国金融危机前的利率政策

Reviewing Interest Policy of Federal Reserve before Global Financial Crisis

全球金融危机与美国货币政策的变化密不可分,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。让美联储无视资产泡沫的原因是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,致使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. With credit expansion and superfluous liquidity during early stage and liquidity crunch and asset bubble 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.