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：本研究旨在剖析2007-2008年金融危机以来美国实施的各类非常规货币政策，重点围绕其概念内涵、美联储（FED）所推行的各项政策方案与落地举措，以及政策有效性展开分析。研究表明，信贷与准债务政策的运用对美国金融环境以及产出、就业等一系列宏观经济变量均产生了显著影响。这一研究结论引发了对常规货币政策与前瞻性指引有效性的质疑，而这两者正是2007-2008年金融危机爆发前新宏观经济学共识的核心要素。