摘要
The US economy has emerged from the recent financial crisis and embarked on a path of recovery. A key response of the US government to the crisis was to restore the health of crisis-ridden financial institutions through direct fiscal relief and continuous quantitative easing and pumping sufficient liquidity into the financial markets. Fortunately, this process did not give rise to widely feared vicious inflation or post-crisis depression. Does this suggest that as long as the central bank offers unlimited loans or economic assistance to crisis-ridden entities to restore their health, a crisis can be averted？ If this conclusion holds true, does this mean that the theory of cyclical economic crisis has failed？ What is the new theoretical methodology to avoid economic crises？ The answers to these questions will guide us in preventing and responding to financial or economic crises in the future.
美国经济已成功摆脱金融危机的影响步入复苏轨道。美国政府所采取的重要手段是通过直接财政救助和持续量化宽松的货币政策,使有问题的金融机构恢复健康,使金融市场有充足的流动性保障。这一过程并没有出现大家普遍担心的恶性通货膨胀问题,也没有出现危机后萧条。这是否意味着,只要央行向陷入危机的市场主体无限量提供贷款或经济援助使其恢复健康,危机就可以中断?如果这个结论成立,又是否意味着只要央行通过持续量化宽松的货币政策使陷入危机的市场主体恢复健康,金融危机或经济危机就可以避免?如果这个结论成立,那是否意味着周期性经济危机的理论失灵?新的走出经济危机的理论方法又是什么?这一系列问题的回答对我们应对金融或经济危机具有借鉴意义。
