期刊名称：Equilibrium. Quarterly Journal of Economics and Economic Policy
印刷版ISSN：1689-765X
电子版ISSN：2353-3293
出版年度：2011
卷号：6
期号：3
页码：27-42
DOI：10.12775/EQUIL2011.018
语种：English
出版社：Institute of Economic Research
摘要：This paper discusses the key characteristics of the U.S. financial crisis 2007–2009 and focuses on the Federal Policy Response to the lack of liquidity in the financial sector known as the “Credit Crunch”. The surprising depth of the crisis required unprecedented policy measures to be used in order to tackle the mounting liquidity problems in banks and prevent the subsequent credit crunch from taking its toll in the real economy. This required extension of monetary powers of the Federal Reserve and Treasury, which was unmatched in history. The policy response to credit crunch and house price bust was especially important given the fact that recessions following such events tend to be much deeper and longer than any other types of recessions. More importantly, however, the analyses of the current policy responses will determine which form financial markets will take in the next few decades, thus how vulnerable the world economy will be to next disruptions and liquidity .
关键词：credit crunch; liquidity; finance; United States; monetary policy
