bernanke-lecture-two-20120322

《bernanke-lecture-two-20120322》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、Lecture2:TheFederalReserveafterWorldWarIILecture2:TheFederalReserveafterWorldWarII1.EarlyChallenges2.TheGreatModeration3.OriginsoftheRecentCrisis2WhatIstheMissionofaCentralBank?•Macroeconomicstability–Allcentralbanksusemonetarypolicytostriveforlowandstableinflation;mostalsousemon

2、etarypolicytotrytopromotestablegrowthinoutputandemployment.•Financialstability–Centralbankstrytoensurethatthenation’sfinancialsystemfunctionsproperly;importantly,theytrytopreventormitigatefinancialpanicsorcrises.3Fed–TreasuryAccordof1951•DuringWorldWarIIandsubsequently,theFedwasp

3、ressedbytheTreasurytokeeplonger-terminterestrateslowtoallowthegovernmentdebtaccruedduringthewartobefinancedmorecheaply.•Keepinginterestrateslowevenastheeconomywasgrowingstronglyriskedeconomicoverheatingandinflation.4Fed–TreasuryAccordof1951•In1951,theTreasuryagreedtoendthearrange

4、mentandlettheFedsetinterestratesindependentlyasneededtoachieveeconomicstability.•TheFedhasremainedindependentsince1951,conductingmonetarypolicytofostereconomicstabilitywithoutrespondingtoshort-termpoliticalpressures.5TheFedinthe1950sandEarly1960s•BetweenWorldWarIIandtherecentfina

5、ncialcrisis,macroeconomicstabilitywasthepredominantconcernofcentralbanks.WilliamMcC.Martin•Duringmostofthe1950sandChairman,1951–1970early1960s,theFederal“InflationisathiefinReservefolloweda“leanthenightandifweagainstthewind”monetarydon’tactpromptlyandpolicythatsoughttokeepdecisiv

6、elywewillbothinflationandeconomicalwaysbebehind.”growthreasonablystable.6TheGreatInflation:MonetaryPolicyfromtheMid-1960sto1979•Startinginthemid-1960s,monetarypolicywastooeasy.•Thisstanceledtoasurgeininflationandinflationexpectations.•Inflationpeakedatabout13percent.7TheGreatInfl

7、ation:WhyWasMonetaryPolicyTooEasy?•Monetarypolicymakersweretoooptimisticabouthow“hot”theeconomycouldrunwithoutgeneratinginflationpressures.•Wheninflationbegantorise,monetarypolicymakersrespondedtooslowly.8TheGreatInflation:WhyWasMonetaryPolicyTooEasy?•Exacerbatingfactorsincluded–

8、oilandfoodpriceshocks–fiscalpolicies(suc