金融发展研究
金融髮展研究
금융발전연구
JOURNAL OF FINANCIAL DEVELOPMENT RESEARCH
2013年
12期
13-19
,共7页
美联储%货币政策%失业率
美聯儲%貨幣政策%失業率
미련저%화폐정책%실업솔
Federal Reserve%monetary policy%unemployment rate
本轮美国经济衰退被认为是自20世纪“大萧条”以来最严重的衰退，衰退后就业复苏迟缓，就业远未回到正常水平。建筑业就业改善迟缓拖累了整体就业复苏。尽管美国就业市场面临重大挑战，但就业增长疲弱的主因是周期性的而不是结构性的，这意味着可以通过货币政策来解决就业问题。美联储的复苏政策是以刺激就业增长为导向的，在中短期通货膨胀预期低于长期目标值的情况下，美联储采取了较为激进的非常规政策以刺激就业增长。
本輪美國經濟衰退被認為是自20世紀“大蕭條”以來最嚴重的衰退，衰退後就業複囌遲緩，就業遠未迴到正常水平。建築業就業改善遲緩拖纍瞭整體就業複囌。儘管美國就業市場麵臨重大挑戰，但就業增長疲弱的主因是週期性的而不是結構性的，這意味著可以通過貨幣政策來解決就業問題。美聯儲的複囌政策是以刺激就業增長為導嚮的，在中短期通貨膨脹預期低于長期目標值的情況下，美聯儲採取瞭較為激進的非常規政策以刺激就業增長。
본륜미국경제쇠퇴피인위시자20세기“대소조”이래최엄중적쇠퇴，쇠퇴후취업복소지완，취업원미회도정상수평。건축업취업개선지완타루료정체취업복소。진관미국취업시장면림중대도전，단취업증장피약적주인시주기성적이불시결구성적，저의미착가이통과화폐정책래해결취업문제。미련저적복소정책시이자격취업증장위도향적，재중단기통화팽창예기저우장기목표치적정황하，미련저채취료교위격진적비상규정책이자격취업증장。
This round of US’s economic recession is regarded as the most serious recession ever since“the Great Depression”. The employment recovers slowly and the employment level is far from the normal. The slow improve-ment in the employment of the construction industry has impeded the overall employment recovery. Although the US employment market faces tremendous challenges, the main cause of sluggish increase of employment is cyclical and not structural,which means the monetary policy is effective in resolving unemployment. The Fed’s recovery policy is oriented at stimulating employment. Under the background of the medium and short-term inflation expectations lower than the long-term target,the Fed has adopted radical nonconventional policies to stimulate employment.
