【摘要】：全球金融危機(jī)和美國(guó)貨幣政策的變化密不可分,美國(guó)貨幣利率持續(xù)13次調(diào)降之后又持續(xù)17次大幅提升,從低利率貨幣信貸擴(kuò)張的流動(dòng)性過剩到高利率的流動(dòng)性緊縮,使宏觀經(jīng)濟(jì)產(chǎn)生劇烈波動(dòng),前期低利率帶來過剩的流動(dòng)性,后期利率的提高造成巨量房地產(chǎn)泡沫的破滅。由于美聯(lián)儲(chǔ)貨幣政策一貫秉持的"泰勒規(guī)則"指導(dǎo)原則沒有納入資產(chǎn)價(jià)格因子,致美聯(lián)儲(chǔ)貨幣政策調(diào)控失誤。
[Abstract]:The global financial crisis is inextricably linked to the changes in US monetary policy, with US monetary rates falling 13 times and then rising 17 times, from excess liquidity in the expansion of low-interest money credit to tight liquidity at high interest rates. The macro-economy fluctuates violently, the low interest rate in the early stage brings excess liquidity, and the increase in the interest rate in the later period causes the bursting of the huge real estate bubble. The failure of the Federal Reserve's monetary policy to regulate its monetary policy was due to the fact that the Taylor rule, which has always been the guiding principle of the Federal Reserve's monetary policy, does not incorporate asset price factors.
【作者單位】： 深圳大學(xué)經(jīng)濟(jì)學(xué)院;
【分類號(hào)】：F827.12

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