In the global financial crisis caused by the sub-prime mortgage crisis, the financial system and the real economy in U.S. have suffered huge losses. In that period, liquidity and the accessibility of credit have been frozen and decreased dramatically with self-enhancing process. Lots of systemically important financial institutions were facing risks of bankruptcy, or petition for relief. Meanwhile the real estate market dropped to freezing point, unemployment rate rocketed to double digits, and macro economy contracted to negative growth. Overall, the United States was even in the risk of once again plunging into the Great Depression. According to the above complexity, the Federal Reserve strengthened both the traditional monetary policy and a large number of unconventional monetary policies and finally achieved a remarkable success. This paper summarizes and evaluates the compound monetary policies since the crisis that the Federal Reserve has taken, including the direct and indirect assistance of systemically important financial institutions, regular monetary policy of price type, unconventional quantitative monetary policy e.t.c. Moreover, it is discussed in this paper the theoretical and practical basis of the normalization of the Federal Reserve's monetary policies, and pointed out that in the latter half of the year, the Federal Reserve would make its first attempt to increase the federal funds rate, and within the next three years the rate will gradually increase to the nominal level which could help medium-term inflation to stand at 2%.%在由次贷危机引发的全球金融海啸中,美国金融体系和实体经济都遭受了巨大的冲击.一段时期内,流动性短缺和信贷可得性急剧下降且循环往复,诸多系统重要性金融机构面临破产或申请救助,房地产市场降至冰点,失业率迅速攀高至两位数,宏观经济陷入负增长,美国甚至面临再次陷入"大萧条"的风险.针对危机中金融体系和实体经济的复杂"病灶",美联储在强化传统货币政策工具应用的同时,实施了大量的非常规货币政策,最终取得了显著的成效.本文详细地梳理和评价了自危机以来美联储所实施的"复合型"宽松货币政策及其综合"疗效",包括了对系统重要性金融机构的直接和间接救助、常规价格型货币政策工具的应用、非常规数量型货币政策工具的应用等等.本文还探讨了美联储货币政策正常化的现实和理论基础,指出今年稍后时间美联储或将首次提高联邦基金利率,并在未来的三年内逐步提高至使中期通胀达到2%左右的名义利率水平.
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