The American financial crisis and non-conventional monetary policies

Abstract The paper aims to analyze the wide range of unconventional monetary policies adopted in the U.S. since the 2007-2008 financial crises, focusing on conceptual aspects, the implementation of different programs and measures adopted by FED, and their effectiveness. It is argued that the use of credit and quasi-debt policies had significant effects on the financial conditions and on a set of macroeconomic variables in the US, such as output and employment. This result raises questions about the effectiveness of conventional monetary policy and the forward guidance, both of which were key elements in the New Macroeconomics Consensus view that preceded the 2007-2008 financial crisis.

摘要 本文旨在剖析2007-2008年金融危机以来美国所采用的各类非传统货币政策，重点聚焦其概念内涵、美联储（Federal Reserve）推行的各项政策计划与实施举措，以及此类政策的有效性。研究表明，信贷与准债务政策的运用对美国金融状况及产出、就业等一系列宏观经济变量产生了显著影响。这一结论引发了学界对传统货币政策与前瞻性指引有效性的质疑，而二者均为2007-2008年金融危机前占据主流的新宏观经济学共识（New Macroeconomics Consensus）的核心要素。