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1、TheEvolutionofMonetaryPolicyandBankingintheUSDonaldD.HesterTheEvolutionofMonetaryPolicyandBankingintheUSDonaldD.HesterProfessorofEconomics,EmeritusUniversityofWisconsin1180ObservatoryDriveMadison,WI53706USAddhester@wisc.eduISBN978-3-540-77793-9e-ISBN978-3-540-77794-6LibraryofCongressCon
2、trolNumber:2008924057©2008Springer-VerlagBerlinHeidelbergThisworkissubjecttocopyright.Allrightsarereserved,whetherthewholeorpartofthematerialisconcerned,specificallytherightsoftranslation,reprinting,reuseofillustrations,recitation,broadcasting,reproductiononmicrofilmorinanyotherway,ands
3、torageindatabanks.DuplicationofthispublicationorpartsthereofispermittedonlyundertheprovisionsoftheGermanCopyrightLawofSeptember9,1965,initscurrentversion,andpermissionsforusemustalwaysbeobtainedfromSpringer-Verlag.ViolationsareliableforprosecutionundertheGermanCopyrightLaw.Theuseofgener
4、aldescriptivenames,registerednames,trademarks,etc.inthispublicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse.Coverdesign:WMXDesignGmbH,Heidelberg,GermanyPrintedonacid-freepaper98765432
5、1springer.comPrefaceInthefortyyearsthatItaughtcoursesinfinanceandmacroeconomicsatYaleUniversityandtheUniversityofWisconsin,Ihavebeenamazedbythespectacularinnovationsthathaveoccurredinfinanceandbythefailureoftextbooksandtreatisestoaddressthisdynamism.Thisshortvolumede-scribeswhatledtocha
6、ngesandwhatthechangesmeanfortheconductofmonetarypolicyandfinancialmarkets.Changeandinnovationareunend-ingandshouldalwaysbetheprincipalfocusoffinancialinstitutions,regu-lators,andportfoliomanagers.Thefirstpartofthismonograph,chaptersonethrougheight,describestheevolutionofU.S.monetarypoli
7、cyfrom1945through2007.In1945theportfoliosofU.S.bankswereheavilyinvestedingovernmentsecuritiesandinterestrateswerekeptlowbytheFederalReserve,becauseofapledgetohelpfinancetheSecondWorldWar.Intheensuingyearsbankssteadilyshiftedfromsecuritiestoloans,andinterestratesandtherateofinfl
