| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7635
|
| DP7635 Interpreting the Unconventional U.S. Monetary Policy of 2007-09 |
| [unavailable]
|
| 发表日期 | 2010-01-17
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve?s actions with the literature on optimal policy in a liquidity trap. This comparison suggests that policy has been in the direction indicated by theory, but it has not gone far enough. To interpret quantitative policy, the paper reviews the determination of inflation under different policy regimes. The main danger for inflation from current actions is that the Federal Reserve may lose its policy independence; a beneficial side effect of the crisis is that the Friedman rule can be implemented by paying interest on reserves. To interpret credit policy, the paper presents a new model of capital market imperfections with different financial institutions and a role for securitization , leveraging, and mark-to-market accounting. The model suggests that providing credit to traders in securities markets is a more effective response than extending credit to the originators of loans. |
| 主题 | Financial Economics
; International Macroeconomics
|
| 关键词 | Financial crisis
Liquidity
Liquidity trap
Price-level determination
|
| URL | https://cepr.org/publications/dp7635
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536472
|
推荐引用方式
GB/T 7714 |
[unavailable]. DP7635 Interpreting the Unconventional U.S. Monetary Policy of 2007-09. 2010.
|
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