CAJ | 학술논문

全球金融危机和美国货币政策的变化密不可分，美国货币利率持续13次调降之后又持续17次大幅提升，从低利率货币信贷扩张的流动性过剩到高利率的流动性紧缩，使宏观经济产生剧烈波动，前期低利率带来过剩的流动性，后期利率的提高造成巨量房地产泡沫的破灭。由于美联储货币政策一贯秉持的“泰勒规则”指导原则没有纳入资产价格因子，致美联储货币政策调控失误。
전구금융위궤화미국화폐정책적변화밀불가분，미국화폐리솔지속13차조강지후우지속17차대폭제승，종저리솔화폐신대확장적류동성과잉도고리솔적류동성긴축，사굉관경제산생극렬파동，전기저리솔대래과잉적류동성，후기리솔적제고조성거량방지산포말적파멸。유우미련저화폐정책일관병지적“태륵규칙”지도원칙몰유납입자산개격인자，치미련저화폐정책조공실오。
There is close link between the U.S. monetary policy and the global financial crisis. The U.S. federal funds rate had been raised for 13 times and later reduced for 17 times continuously, with credit expansion and superfluous liquidity under cheap money during early stage and liquidity crunch and asset bubble under dear money during later period, making the macro economy violently fluctuate. The reason why the Federal Reserve ignored asset bubble is that there is no the element of asset price in the Taylor Rule, the guiding principle that the Federal Reserve has been insisting,, misleading the U.S. monetary policy.