复盘新冠疫情下的美国宏观经济政策

A Review of the US Macroeconomic Policies during the COVID-19 Pandemic

本文梳理和回顾了新冠疫情发生以来美国的货币政策和财政政策。美国吸取2008年次贷危机的经验与教训,应对新冠疫情的货币政策和财政政策具有快速、密集和大规模出台的特征。但由于疫情冲击与传统的经济金融危机不同,因此应对疫情冲击的宏观经济政策的侧重点与以往有明显不同。美国联邦储备委员会连续出台五轮货币政策,总体上呈现了先流动性后可清偿性、先金融后实体、先国内后国外的政策思路。财政政策以对居民和非金融企业部门的纾困为核心,对小企业贷款是纾困的重点。货币政策和财政政策配合的特征明显,宏观经济政策工具创新更源于两者的配合。美国未来应对新冠疫情的宏观经济政策力度,将取决于新冠疫情控制的有效性和疫情持续的时间。

This paper reviews the monetary and fiscal policies of the US since the outbreak of Covid-19 pandemic. The monetary and fiscal policies in response to the pandemic were carried out fast,vast and intensive,showing that the US has learned lessons from the 2008 subprime crisis. However,since the economic shock caused by the pandemic was different from that of traditional economic and financial crisis,the corresponding macroeconomic policy to deal with the shock was also different. The Fed has successively launched five rounds of monetary policy,presenting its primary concerns about liquidity,financial entity,and domestic affairs over liquidability,real sector,and foreign affairs. Fiscal policy is centered on the relief of residents and non-financial corporate sectors,with small businesses loans as the focus. The coordination of monetary policy and fiscal policy is obvious,and the innovation of macroeconomic policy tools stems mostly from the coordination of the two.The strength of the US’ future macroeconomic policy response to the COVID-19 will continue to depend mainly on the effectiveness of the pandemic control policy and the duration of the pandemic.