美国经济的信贷紧缩和美联储货币政策工具创新

The United States Economy’s Credit Crunch and American Federal Reserve Committee Monetary Policy Tools of Innovation

2007年美国爆发次贷危机,次贷危机引发信贷紧缩,信贷紧缩对美国实体经济的消极影响具体表现为:住宅投资急剧下降、企业投资急剧下降和个人消费支出的减少。信贷紧缩影响了实体经济,使美国陷入了经济衰退。美联储在这次金融危机中为稳定金融体系积极充当金融体系"最终贷款人"角色,美联储在使用传统金融工具的同时,积极创新,开发了多种新的工具。定期拍卖工具、定期证券出借工具、一级交易商信贷工具、与外国中央银行的货币互换和干预商业票据市场。当然,美联储一系列的政策创新举措也引发了许多担忧。

In 2007,sub-prime crisis was broken out in the United States,sub-prime crisis starts the credit crunch,and the credit crunch’s negative impact for the American real economy is as follows: housing investment fell sharply,investment in enterprise decline sharply and personal consumption expenditures are in reduction.Credit crunch affects the real economy,so that the United States falls into an economic depression.During the monetary crisis,American Federal Reserve assumes the role of 'lender of last resort' to maintain the stability of financial system.Together with adopting traditional tools,American Federal Reserve innovates positively and develops a variety of new tools such as regular auction tool,dated securities lending tools,stair barterer credit tool,currency swap of foreign central bank and intervening ecommercial bill market.Of course,a series of policy innovation arose much anxiety too.