期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2014
出版社：Federal Reserve Bank of St. Louis
摘要：I n response to t he Great Recession, t he Federal Open Market Commit tee (FOMC) approved severa l unconventional monetar y policies intended to foster a more robust eco- nomic recovery. Of these policies, large-scale asset purchases (L SAPs), popularly know n as "quantitative easing" or QE, led to the largest expansion of the Fed balance sheet since World War II. The FOMC has st ipulated that the expansion of t he Fed balance sheet is a temporary policy st ance and t hat holding s will retur n to normal as the recovery pro- gresses. Inflation pressures resulting from this expa nsion have been trivia l thus far. However, a quickening economic recovery could prov ide incentives for banks to w ith- draw f unds held as excess reser ves at the Fed and inject them into the real economy. Given the significant amount of funds held as excess reserves, t his increased lending might lead to inflation pressu res inconsistent wit h t he Fed 's mandate of price stability. To prevent t his scenario, the FOMC has several policy tools at its d isposal to both control and eventually unwind the balance sheet
