IMF高级宏观经济学研修班课程CTMMFLMoneta.pptVIP

Real Gross Domestic Product (GDP) Quarterly percent change 第六十二页，共九十六页。 Unemployment Rate in the U.S. Percent 第六十三页，共九十六页。 The Fed’s Policy Responses Extraordinary provision of liquidity “Lender as last resort” Liquidity injection facilities and the “stigma problem” Cuts in short-term interest rates Forward guidance: Communications over future monetary policy stance Purchases of long-term debt securities 第六十四页，共九十六页。 Extraordinary Supply of Liquidity 第六十五页，共九十六页。 Short-term Rate Cut to Almost Zero 第六十六页，共九十六页。 Then It was Constrained by A “Zero Lower Bound” 第六十七页，共九十六页。 Policy Options Aft