美联储与金融危机英文讲义全四节文档格式.docx
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美联储与金融危机英文讲义全四节文档格式.docx
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PresidentSteveKnapp:
Well,goodafternoon.IthinkthestudentsheremayknowwhoIambutforthosewhoarewatchingthebroadcast,I'
mSteveKnapp,PresidentofGeorgeWashingtonUniversity.Andit'
sreallyapleasuretowelcomeyoutotoday'
sfirstclassintheseriesentitledReflectionsontheFederalReserveanditsplaceintoday'
seconomy,featuringtheChairmanoftheFederalReserve,Dr.BenBernanke.I'
mpleasedtoacknowledgethatwehavewithustwooftheuniversity'
strustees,NelsonCarbonellandMarkShenkman,andalsoanumberoffacultymembersarehereintheaudienceandsomeofthemwillbeteachinglaterintheseries.TodayisthefirstuniversitylectureseriesdeliveredbyasittingChairmanoftheFederalReserve.Ithinkitdoesprovideanextraordinaryopportunityforthestudentswhoarehereintheclassroom,but
alsoforthosewatchingonline.Theyhaveanopportunitytogaininsightintothenation'
scentralbankingsystemandawiderangeofissuesthataffectthiscountryandtheworld.Idowanttosaythattherearemicrophonesavailableforthestudents,andcertainlyencourageyouwhentheChairman'
slectureisovertoavailyourselfofthoseandwehopethere'
llbealivelyexchangeofquestionsandanswersattheendofthelecture.It'
snowadistincthonortointroducetheChairmanoftheBoardofGovernorsoftheFederalReserveSystem,Dr.BenBernanke.Dr.Bernanketookofficein2006,andisnowservingasecondtermasChairman.HealsoservesasChairmanoftheFederalReserve'
sOpenMarketCommittee.BeforehisappointmentasChairman,Dr.BernankewasinvolvedwiththeFederalReserveinseveralrolesasaMemberoftheBoardofGovernors,asavisitingscholar,andasamemberoftheAcademicAdvisoryPanel
attheFederalReserveBankofNewYork.HealsoservedasChairmanofthePresident'
sCouncilofEconomicAdvisersfromJune2005toJanuary2006.
NowChairmanBernankeisnostrangertoacademia.He'
sbeenafacultymemberatPrinceton,StanfordandNewYorkUniversity,aswellastheMassachusettsInstituteofTechnology.He'
sheldaGuggenheimandaSloanFellowship,andisafellowoftheEconometricSocietyandtheAmericanAcademyofArtsandSciences.ChairmanBernankereceivedaBachelorofArtsfromHarvardUniversityandaPhDfromMIT.Ladiesandgentlemen,pleasejoinmeinwelcomingChairmanoftheFederalReserve,Dr.BenBernanke。
[Applause]
ChairmanBenBernanke:
Thankyouverymuch,PresidentKnapp.Gee,thisisgreat.ThisiswhatIusedtodobeforeIgotinthislineofworkfor23yearsandI'
vealwaysenjoyedengagingwithcollegestudents.Sothankyouforbeinghere,andIhopewedohaveagoodconversation.Let
meparticularlythankPresidentKnappandProfessorFortandGeorgeWashingtonUniversity.Aseverybodyhereknows,theselecturesarepartofarealcourseandafterIgetoffthescenetherewillbeotherprofessorstalkingaboutotheraspectsoftheFedandyou'
llheardifferentpointsofviewwhichisgreat.Andyou'
llhavetodosomepapersandallthosekindsofthingsandI'
mgoingtoreadafewofthepaper.So,Ilookforwardtodoingthat。
So,I'
llbetalkingfromslides,whichisinpartforthepurposeofmakingthisavailabletootherswhomightbeinterested.TheseslideswillbepostedontheFederalReserve'
swebsite,federalreserve.gov,aswegothrough.Andso,ifyouneedextracopies,byallmeansdothat.AndasPresidentKnappsaid,I'
mgoingtobetalkingforawhilefromthepresentationbutattheend,
Ihopewecanhavesomequestionsandanswers。
So,letmegetstarted.SowhatIwanttotalkaboutinthesefourlecturesistheFederalReserveandthefinancialcrisis.Now,mythinkingaboutthisisverymuchconditionedbymyexperienceasaneconomichistorian.Ithinkwhenyoutalkabouttheissuesthatjustoccurredofthelastfewyears,itmakesthemostsensetothinkaboutitinthebroadercontextofcentralbankingasitstakingplaceoverthecenturies.So,eventhoughwe'
regoingtobefocusingagoodbitofthelectures,particularlynextweek,onthefinancialcrisisandhowtheFedresponded.Ithinkweneedtogobackandlookatthebroadercontext.So,aswetalkabouttheFedwe'
llbetalkingabouttheoriginandmissionofcentralbanksingeneral,andwe'
relookingatpreviousfinancialcrises,mostnotablytheGreatDepression,andseehowthatinformedtheFed'
sactionsanddecisionsintherecentcrisis.Soletmejustgiveyouaroadmapofthefourlectures.Today,lectureone,wewon'
ttouchonthecurrentcrisisatall.Instead,we'
lltalkaboutwhatcentral
banksare,whattheydo,howcentralbankinggotstartedintheUnitedStatesandwe'
lldosomehistory.We'
lltalkabouthowtheFedengagedwithitsfirstgreatchallenge,theGreatDepressionofthe1930s.ThesecondlectureonThursday,we'
lltakeupthehistory.We'
llreviewdevelopmentsincentralbankingandwiththeFederalReserveafterWorldWarIItalkingabouttheconquestofinflation,thegreatmoderationandotherdevelopmentsthatoccurredafterWorldWarII.Butwe'
llspendagoodbitoftimelecturetwo,inlecturetwo,talkingaboutthebuild-uptothecrisisandsomeofthefactorsthatledtothecrisisof2008,2009.
Thennextweek,we'
llgetintothemorerecentevents.Inlecturethree,we'
lltalkabouttheintensephaseofthefinancialcrisis,itscauses,itsimplications,andparticularly,theresponsetothecrisisbytheFederalReserveandbyotherpolicymakers.Andthen,inthefinallecture,
lecturefour,we'
lllookattheaftermath.We'
lltalkabouttherecessionthatfollowedthecrisis,thepolicyresponseoftheFedincludingmonetarypolicy,thebroaderresponseintermsofthe
changesinfinancialregulation,andalittlebitofforward-lookingdiscussionabouthowthisexperiencewillchangehowcentralbanksoperateandhowtheFederalReservewilloperategoingforward.SothisisourtopictodayisoriginsandmissionsoftheFederalReserve.Solet'
stalkingeneralaboutwhatacentralbankis.Ifyou'
vehadsomebackgroundineconomicsyouknowthatacentralbankisnotaregularbank,it'
sagovernmentagency,anditstandsatthecenterofthemonetaryandfinancialsystemofacountry.Centralbanksareveryimportantinstitutions,theyhavehelpedtoguidethedevelopmentofmodernfinancialsystems,modernmonetarysystemsandtheyplayamajorroleineconomicpolicy.Now,we'
vehadvariousarrangementsovertheyearsbuttoday,virtually,allcountrieshavecentralbanks.TheFederalReserveintheUnitedStates,theBankofJapaninJapan,BankofCanada,andsoon.Themainexceptionisonlycaseswhereyouhavewhat'
scalledacurrencyunionwhereanumberofcountriescollectivelyshareacentralbank.ThemostimportantexamplebyfarofthatistheEuropeanCentralBankwhichiscentralbankto17Europeancountrieswhosharethecommoncurrency,theEuro.Buteveninthatcase,eachoftheparticipatingcountriesdoeshaveitsown
centralbankwhichispartoftheoverallsystemoftheEuro.Socentralbanksarenowubiquitous,eventhesmallestcountriestypicallyhavecentralbanks.Now,thisisaveryimportanttheme
here,whatdoCentralBanksdo?
Whatistheirmission?
AndasI'
lldiscussthroughoutthelectures,it'
sconvenienttotalkabouttwobroadaspectsofwhatcentralbanksdo.Thefirstistotrytoachievemacroeconomicstability.Andbythat,Igenerallymeanstablegrowthintheeconomy,avoidingbigswings,recessionsandthelike,andkeepinginflationlowandstable.Sothat'
stheeconomicfunctionofacentralbank.Theotherfunctionofcentralbanks,whichisgoingtogetalotofattention,obviously,intheselectures,isthefinancialstabilityfunction.Centralbankstrytokeepthefinancialsystemworkingnormallyandinparticular,theyeither,
theytrytopreventorifunsuccessfulinpreventingtheytrytomitigatefinancialpanicsorfinancialcrises.AndI'
lltalkmoreaboutwhatthoseare.Nowwhatarethetoolsthatcentralbanksusetoachievethesetwobroadobjectives?
Very,inverysimpleterms,therearebasically
twobroadsetsoftools.Ontheeconomicstabilityside,themaintoolasI'
msureeveryoneknowsismonetarypolicy.Innormaltimes,theFed,forexample,canraiseorlowershort-terminterestrates.Itdoesthatbybuyingandsellingsecuritiesintheopenmarket.Andagain,innormal
times,iftheeconomyisgrowingtooslowlyorinflationisfallingtoolow,theFedcanstimulatetheeconomybyloweringinterestrates.Lowerinterestratesfeedthroughtoabroadrangeofotherinterestratesthatencouragesspending,acquisitionofhomesforexample,construction,investmentbyfirms,borrowing.Itjustgeneratesmoredemand,morespendingandmoreinvestmentintheeconomy,andthatcreatesmorethrustingrowthsothattostimulateaneconomy,youlowerinterestrates.Andsimilarly,iftheeconomyisgrowingtoohot,ifinflationisbecomingaproblem,thenthenormaltoolofcentralbankistoraiseinterestrates.Sobyraisingtheovernightinterestrate,knownintheUnitedStatesasthefederalfundsrate,higherinterestratesfeedthroughthesystemandhelptoslowtheeconomybyraisingthecostofborrowing,ofbuyingahouse,ofbuyingacar,orofinvestingincapitalgoodsandthatwillslowtheeconomyandreducepressureofoverheating.So,monetarypolicyisthebasictoolthatcentralbankshaveusedformany,manyyearstotrytokeeptheeconomyatamoreorlessevenkeelintermsofbothgrowthandinflati
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