1998～1999年美国货币政策及其对中国的启示

The Monetary Policy of America from 1998 to 1999 and the Enlightenment to China

本文从美国经济的持续增长入手，主要探讨美联储审慎的货币政策在美国“新经济”中的作用。通过分析美联储在１９９８－１９９９年以利率为主线、以其他货币政策工具为补充的货币政策的实施过程，并具体剖析了其主要特点，最后对我国在货币政策的实施过程中就各种货币政策工具提出了一些建议。

Starting with the increasingly prosperous of American economy, this paper probes into foe influence of the American Monetary Policy upon the New Economy, which is made prudently by the Federal Re- serve Bank (FRB). From 1998 to 1999, FRB has implemented this monetary policy, put interest rate first and the other factors as supplementary means. On the basis of analysing the application process, the paper probes the marked feature, and gives some suggestions on the application of the different factors in the practice process of Chinese Monetary Policy.