美联储与金融危机英文讲义全四节.docx
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美联储与金融危机英文讲义全四节.docx
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美联储与金融危机英文讲义全四节
TheFederalReserveandtheFinancialCrisis
OriginsandMissionoftheFederalReserve,Lecture1
GeorgeWashingtonUniversitySchoolofBusiness
March20,2012,12:
45p.m。
[Applause]
PresidentSteveKnapp:
Well,goodafternoon.IthinkthestudentsheremayknowwhoIambutforthosewhoarewatchingthebroadcast,I'mSteveKnapp,PresidentofGeorgeWashingtonUniversity.Andit'sreallyapleasuretowelcomeyoutotoday'sfirstclassintheseriesentitledReflectionsontheFederalReserveanditsplaceintoday'seconomy,featuringtheChairmanoftheFederalReserve,Dr.BenBernanke.I'mpleasedtoacknowledgethatwehavewithustwooftheuniversity'strustees,NelsonCarbonellandMarkShenkman,andalsoanumberoffacultymembersarehereintheaudienceandsomeofthemwillbeteachinglaterintheseries.TodayisthefirstuniversitylectureseriesdeliveredbyasittingChairmanoftheFederalReserve.Ithinkitdoesprovideanextraordinaryopportunityforthestudentswhoarehereintheclassroom,but
alsoforthosewatchingonline.Theyhaveanopportunitytogaininsightintothenation'scentralbankingsystemandawiderangeofissuesthataffectthiscountryandtheworld.Idowanttosaythattherearemicrophonesavailableforthestudents,andcertainlyencourageyouwhentheChairman'slectureisovertoavailyourselfofthoseandwehopethere'llbealivelyexchangeofquestionsandanswersattheendofthelecture.It'snowadistincthonortointroducetheChairmanoftheBoardofGovernorsoftheFederalReserveSystem,Dr.BenBernanke.Dr.Bernanketookofficein2006,andisnowservingasecondtermasChairman.HealsoservesasChairmanoftheFederalReserve'sOpenMarketCommittee.BeforehisappointmentasChairman,Dr.BernankewasinvolvedwiththeFederalReserveinseveralrolesasaMemberoftheBoardofGovernors,asavisitingscholar,andasamemberoftheAcademicAdvisoryPanel
attheFederalReserveBankofNewYork.HealsoservedasChairmanofthePresident'sCouncilofEconomicAdvisersfromJune2005toJanuary2006.
NowChairmanBernankeisnostrangertoacademia.He'sbeenafacultymemberatPrinceton,StanfordandNewYorkUniversity,aswellastheMassachusettsInstituteofTechnology.He'sheldaGuggenheimandaSloanFellowship,andisafellowoftheEconometricSocietyandtheAmericanAcademyofArtsandSciences.ChairmanBernankereceivedaBachelorofArtsfromHarvardUniversityandaPhDfromMIT.Ladiesandgentlemen,pleasejoinmeinwelcomingChairmanoftheFederalReserve,Dr.BenBernanke。
[Applause]
ChairmanBenBernanke:
Thankyouverymuch,PresidentKnapp.Gee,thisisgreat.ThisiswhatIusedtodobeforeIgotinthislineofworkfor23yearsandI'vealwaysenjoyedengagingwithcollegestudents.Sothankyouforbeinghere,andIhopewedohaveagoodconversation.Let
meparticularlythankPresidentKnappandProfessorFortandGeorgeWashingtonUniversity.Aseverybodyhereknows,theselecturesarepartofarealcourseandafterIgetoffthescenetherewillbeotherprofessorstalkingaboutotheraspectsoftheFedandyou'llheardifferentpointsofviewwhichisgreat.Andyou'llhavetodosomepapersandallthosekindsofthingsandI'mgoingtoreadafewofthepaper.So,Ilookforwardtodoingthat。
So,I'llbetalkingfromslides,whichisinpartforthepurposeofmakingthisavailabletootherswhomightbeinterested.TheseslideswillbepostedontheFederalReserve'swebsite,federalreserve.gov,aswegothrough.Andso,ifyouneedextracopies,byallmeansdothat.AndasPresidentKnappsaid,I'mgoingtobetalkingforawhilefromthepresentationbutattheend,
Ihopewecanhavesomequestionsandanswers。
So,letmegetstarted.SowhatIwanttotalkaboutinthesefourlecturesistheFederalReserveandthefinancialcrisis.Now,mythinkingaboutthisisverymuchconditionedbymyexperienceasaneconomichistorian.Ithinkwhenyoutalkabouttheissuesthatjustoccurredofthelastfewyears,itmakesthemostsensetothinkaboutitinthebroadercontextofcentralbankingasitstakingplaceoverthecenturies.So,eventhoughwe'regoingtobefocusingagoodbitofthelectures,particularlynextweek,onthefinancialcrisisandhowtheFedresponded.Ithinkweneedtogobackandlookatthebroadercontext.So,aswetalkabouttheFedwe'llbetalkingabouttheoriginandmissionofcentralbanksingeneral,andwe'relookingatpreviousfinancialcrises,mostnotablytheGreatDepression,andseehowthatinformedtheFed'sactionsanddecisionsintherecentcrisis.Soletmejustgiveyouaroadmapofthefourlectures.Today,lectureone,wewon'ttouchonthecurrentcrisisatall.Instead,we'lltalkaboutwhatcentral
banksare,whattheydo,howcentralbankinggotstartedintheUnitedStatesandwe'lldosomehistory.We'lltalkabouthowtheFedengagedwithitsfirstgreatchallenge,theGreatDepressionofthe1930s.ThesecondlectureonThursday,we'lltakeupthehistory.We'llreviewdevelopmentsincentralbankingandwiththeFederalReserveafterWorldWarIItalkingabouttheconquestofinflation,thegreatmoderationandotherdevelopmentsthatoccurredafterWorldWarII.Butwe'llspendagoodbitoftimelecturetwo,inlecturetwo,talkingaboutthebuild-uptothecrisisandsomeofthefactorsthatledtothecrisisof2008,2009.
Thennextweek,we'llgetintothemorerecentevents.Inlecturethree,we'lltalkabouttheintensephaseofthefinancialcrisis,itscauses,itsimplications,andparticularly,theresponsetothecrisisbytheFederalReserveandbyotherpolicymakers.Andthen,inthefinallecture,
lecturefour,we'lllookattheaftermath.We'lltalkabouttherecessionthatfollowedthecrisis,thepolicyresponseoftheFedincludingmonetarypolicy,thebroaderresponseintermsofthe
changesinfinancialregulation,andalittlebitofforward-lookingdiscussionabouthowthisexperiencewillchangehowcentralbanksoperateandhowtheFederalReservewilloperategoingforward.SothisisourtopictodayisoriginsandmissionsoftheFederalReserve.Solet'stalkingeneralaboutwhatacentralbankis.Ifyou'vehadsomebackgroundineconomicsyouknowthatacentralbankisnotaregularbank,it'sagovernmentagency,anditstandsatthecenterofthemonetaryandfinancialsystemofacountry.Centralbanksareveryimportantinstitutions,theyhavehelpedtoguidethedevelopmentofmodernfinancialsystems,modernmonetarysystemsandtheyplayamajorroleineconomicpolicy.Now,we'vehadvariousarrangementsovertheyearsbuttoday,virtually,allcountrieshavecentralbanks.TheFederalReserveintheUnitedStates,theBankofJapaninJapan,BankofCanada,andsoon.Themainexceptionisonlycaseswhereyouhavewhat'scalledacurrencyunionwhereanumberofcountriescollectivelyshareacentralbank.ThemostimportantexamplebyfarofthatistheEuropeanCentralBankwhichiscentralbankto17Europeancountrieswhosharethecommoncurrency,theEuro.Buteveninthatcase,eachoftheparticipatingcountriesdoeshaveitsown
centralbankwhichispartoftheoverallsystemoftheEuro.Socentralbanksarenowubiquitous,eventhesmallestcountriestypicallyhavecentralbanks.Now,thisisaveryimportanttheme
here,whatdoCentralBanksdo?
Whatistheirmission?
AndasI'lldiscussthroughoutthelectures,it'sconvenienttotalkabouttwobroadaspectsofwhatcentralbanksdo.Thefirstistotrytoachievemacroeconomicstability.Andbythat,Igenerallymeanstablegrowthintheeconomy,avoidingbigswings,recessionsandthelike,andkeepinginflationlowandstable.Sothat'stheeconomicfunctionofacentralbank.Theotherfunctionofcentralbanks,whichisgoingtogetalotofattention,obviously,intheselectures,isthefinancialstabilityfunction.Centralbankstrytokeepthefinancialsystemworkingnormallyandinparticular,theyeither,
theytrytopreventorifunsuccessfulinpreventingtheytrytomitigatefinancialpanicsorfinancialcrises.AndI'lltalkmoreaboutwhatthoseare.Nowwhatarethetoolsthatcentralbanksusetoachievethesetwobroadobjectives?
Very,inverysimpleterms,therearebasically
twobroadsetsoftools.Ontheeconomicstabilityside,themaintoolasI'msureeveryoneknowsismonetarypolicy.Innormaltimes,theFed,forexample,canraiseorlowershort-terminterestrates.Itdoesthatbybuyingandsellingsecuritiesintheopenmarket.Andagain,innormal
times,iftheeconomyisgrowingtooslowlyorinflationisfallingtoolow,theFedcanstimulatetheeconomybyloweringinterestrates.Lowerinterestratesfeedthroughtoabroadrangeofotherinterestratesthatencouragesspending,acquisitionofhomesforexample,construction,investmentbyfirms,borrowing.Itjustgeneratesmoredemand,morespendingandmoreinvestmentintheeconomy,andthatcreatesmorethrustingrowthsothattostimulateaneconomy,youlowerinterestrates.Andsimilarly,iftheeconomyisgrowingtoohot,ifinflationisbecomingaproblem,thenthenormaltoolofcentralbankistoraiseinterestrates.Sobyraisingtheovernightinterestrate,knownintheUnitedStatesasthefederalfundsrate,higherinterestratesfeedthroughthesystemandhelptoslowtheeconomybyraisingthecostofborrowing,ofbuyingahouse,ofbuyingacar,orofinvestingincapitalgoodsandthatwillslowtheeconomyandreducepressureofoverheating.So,monetarypolicyisthebasictoolthatcentralbankshaveusedformany,manyyearstotrytokeeptheeconomyatamoreorlessevenkeelintermsofbothgrowthandinflati
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