就业增长导向的美联储复苏政策——美联储经济复苏政策逻辑评析

On Fed's Recovery Policy Oriented at Increasing Employment——Logical Analysis on Fed's Economic Recovery Policy

本轮美国经济衰退被认为是自20世纪"大萧条"以来最严重的衰退,衰退后就业复苏迟缓,就业远未回到正常水平。建筑业就业改善迟缓拖累了整体就业复苏。尽管美国就业市场面临重大挑战,但就业增长疲弱的主因是周期性的而不是结构性的,这意味着可以通过货币政策来解决就业问题。美联储的复苏政策是以刺激就业增长为导向的,在中短期通货膨胀预期低于长期目标值的情况下,美联储采取了较为激进的非常规政策以刺激就业增长。

This round of US＇s economic recession is regarded as the most serious recession ever since ＂the Great Depression＂ . The employment recovers slowly and the employment level is far from the normal. The slow improve- ment in the employment of the construction industry has impeded the overall employment recovery. Although the US employment market faces tremendous challenges, the main cause of sluggish increase of employment is cyclical and not structural, which means the monetary policy is effective in resolving unemployment. The Fed＇ s recovery policy is oriented at stimulating employment. Under the background of the medium and short-term inflation expectations lower than the long-term target, the Fed has adopted radical nonconventional policies to stimulate employment.