期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2016
出版社：Federal Reserve Bank of St. Louis
关键词：In response to the Great Recession (2007:Q4-2009:Q2); the Federal Reserve and the federal government implemented policies that dramatically altered the liquidity structure of the economy. Three such policies stand out; as summarized in Figure 1. ;First; successive rounds of quantitative easing; starting in late 2008; greatly expanded the monetary base as the Fed purchased large amounts of securities. The holdings of U.S. Treasury securities plus securities backed by agencies and government-sponsored enterprises (GSEs) went from 5 percent of gross domestic product (GDP) in 2007:Q4 (about the historical average) to 24 percent of GDP as of 2015:Q2.1 Second; the payment of interest by the Fed on bank reserves; which also started in late 2008; combined with banks' own change in behavior; increased bank reserves from almost zero to 13 percent of GDP as of 2015:Q2. Third; the federal government attempted to stimulate the economy with a mix of increased spending and tax relief.2 The resulting deficits implied a significant increase in government debt: The stock of Treasury securities went from about 41 percent of GDP in 2007:Q4 to 80 percent of GDP in 2015:Q2.3 (Treasury securities expand available liquidity since they are widely accepted as collateral in credit and financial transactions; such as repos; and allow agents to economize on cash balances.)
