thefed-facultydirectoryberkeley-haas.ppt

* * * * * * * * * * * * * * * * * * * * * MEP: when Fed decided to change the composition of secuties: more LT, less ST. Under the maturity extension program, the Federal Reserve sold or redeemed a total of $667 billion of shorter-term Treasury securities and used the proceeds to buy longer-term Treasury securities, thereby extending the average maturity of the securities in the Federal Reserve’s portfolio. By putting downward pressure on longer-term interest rates, the maturity extension program was intended to contribute to a broad easing in financial market conditions and provide support for the economic recovery. The Federal Open Market Committee (FOMC) announced a $400 billion program in September 2011 that was to be completed by the end of June 2012. In June 2012, the FOMC continued the program through the end of 2012, resulting in the purchase, as well as the sale and redemption, of an additional $267 billion in Treasury securities. * * 3.c.4.目标设定 * 美联储是如何知道究竟购买多少有价证券，或者应当向银行收取多少借款利息（贴现贷款），或者当上述的这些行动仅仅会对市场价格水平和就业率情况产生很长的滞后作用的时候，商业银行的存款准备金应该维护在什么水平？ 一种方法就是美联储可以通过设定联邦基金利率目标，因为这是一个虽然有限，但是很容易观察的有关信贷条件的指标。例如： 在公开市场上购买国债，直到达到联邦基金目标利率为止 然后，观察这样的行动如何影响物价水平和失业情况 然后决定是否改变联邦基金的目标利率 3.c.4 FOMC: directive 9/18/07 * The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4-3/4 percent. Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally.? Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time.? The Committee judges that some inflation risks remain, and it will continue to monitor inflation developments carefully.? In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the