asset bubbles and their consequences-asset bubbles and ：资产泡沫和资产泡沫，其后果

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1、AssetBubblesandTheirConsequencesbyGeraldP.O’DriscollJr.No.103May20,2008ExecutiveSummaryInthepast,thefederalgovernmenthasintro-nouncementsbyseniorFedofficialshaverein-ducedmoralhazardinthebankingsystemforcedthatperception.Theseactionsandpro-throughdepositinsurance.Banksund

2、erpricednouncementsaremutuallyreinforcingandriskbecauseofthefederalguaranteethatbackeddestructivetotheoperationoffinancialmar-deposits.Afterbankingcrisesinthe1980sandkets.Thecurrentfinancialcrisisbeganinthe1990s,depositinsurancewasputonasoundsubprimehousingmarketandthensp

3、readbasisandthatsourceofmoralhazardwasmiti-throughoutcreditmarkets.ThenewFedpolicygated.Initsplace,monetarypolicyhasbecomefueledthehousingboom.Refusingtoacceptasourceofmoralhazard.Inactingtocounterresponsibilityforthehousingbubble,theFed’stheeconomiceffectsofdecliningasse

4、tprices,recentactionswilllikelyfuelanewassetbubble.theFederalReservehascometobeviewedasThecumulativeeffectsofrecentmonetarypoli-underwritingriskyinvestments.Policypro-cyunderminethecaseforfreemarkets.GeraldP.O’DriscollJr.,seniorfellowattheCatoInstitute,wasformerlyvicepres

5、identandeconomicadvisorattheFederalReserveBankofDallas.CatoInstitute•1000MassachusettsAvenue,N.W.•Washington,D.C.20001•(202)842-0200MonetarypolicybetweeninterestratesonsubprimeloansandcangenerateIntroductionthoseonsafetreasurysecuritiesincreaseddramatically,indicatingrisi

6、ngriskaversionmoralhazardifit“TheFed...isunwittinglycontribut-tothatmarket.3isconductedinaingtoaformofmoralhazard—thatitThecarnagecontinuedinto2008andstandsbyreadytopropupthemarketeventuallyclaimedinvestmenthouseBearmannerthatbailsifitfails,butwilldonothingtostopitStearns

7、,bailedoutbyJPMorganChasewithinvestorsoutgoinguptoohigh.”1assistancefromtheFedandU.S.Treasury.ofriskyandTheU.S.economyexperiencedaseriousInrecentyears,investorshaverationallyslowdown,asmeasuredbytheanemicannu-otherwiseill-cometobelievethattheFederalReservewillalizedgrowth

8、rateforrealGDPof0.6percentadvisedfinancialintervenetopreventoroffsettheeffectsofinthefourthquart