金融危机前后的美联储货币政策调控方式演变

Evolution of Federal Reserve's Monetary Policy Before and After the Financial Crisis

2008年国际金融危机前后,美联储的货币政策调控方式发生了明显变化。从金融危机之前准备金短缺下的公开市场操作调控转变为金融危机之后准备金充裕下的利率走廊与公开市场操作相结合的调控方式。本文详细分析了危机前后美联储货币政策调控方式的变化情况,这对于理解和预测未来美联储货币政策调控具有重要意义。

Before and after the financial crisis in 2008,the monetary policy of the Federal Reserve has changed significantly.From the open market operation before the financial crisis under the shortage of reserves to the financial crisis under the abundant reserves after the combination of interest rate corridor and open market operations.This paper analyzes these changes of the Federal Reserve before and after the crisis in detail,which is of great significance for un-derstanding and predicting the future monetary policy regulation of the Federal Reserve.