美国应对新冠病毒冲击的宏观经济政策评析

An Analysis on the Macro-policy of Coronavirus Economic Impact on America

为应对新冠病毒疫情危机给经济带来的冲击,美国政府推出了规模史无前例的财政和货币救助政策。财政部通过直接向纳税人支付现金、提高失业人员和其他弱势群体福利、向受损严重的中小企业提供援助贷款、退还和延迟企业社保缴费,以及援助医院、州和地方政府应对疫情等支出项目,扩大财政开支。美联储通过采取降息、购买债券等量宽、设立各种贷款工具等措施,向银行机构和金融市场提供流动性,为实体经济注入资金。大规模的政策救助稳定了金融市场和消费者预期,支撑了金融机构、企业、地方政府和公共机构的运行,减缓了经济下行的速率,化解了金融危机积累的条件,但同时也带来了债务和货币不稳定等经济金融风险。

In response to the impact of the crisis of the coronavirus pandemic on the economy,the U.S.administration launched unprecedented fiscal and monetary stimulus policies.The fiscal policies consist of cash payments to taxpayers,enhanced unemployment benefits,support for vulnerable groups,additional loans to severely damaged small and medium-sized businesses,refunds and delays of corporate social security contributions,and assistance to hospitals and state and local governments to deal with the epidemic.The Federal Reserve has provided sufficient liquidities to banking institutions and financial markets to alleviate economic and financial stresses by setting up various lending facilities,cutting interest rates to zero,and buying huge amounts of bonds and notes,etc.The massive stimulus has stabilized financial markets and consumer expectation,supported the operation of financial institutions,enterprises,local governments and public institutions,slowed the rate of economic downturn,and alleviated the conditions for the accumulation of financial crisis.Nonetheless it has also embedded potential high debt and currency instability risks.