[原创]美联储直接认购国债之我见

以下是引用zengpeng999在2009-3-24 0:08:00的发言：货币政策实施的不确定性很大，它虽然是凯恩斯一直提倡的应对危机的办法，但也毕竟是古典主义所最不认同的，所以对于货币政策的讨论不要老是带有国别的偏见，作为一个经济人，独立是最重要的。

那么，你认为凯恩斯提倡的“货币政策”是什么呢？

以下是引用zengpeng999在2009-3-24 0:08:00的发言：第一步，国会批准国债发行规模，财政部将国债设计成不同种类的债券，其中一年期以内的叫做T-Bills(TreasuryBills)，2-10年期的叫T-Notes，30年期的叫T-Bonds。这些债券以不同的频率在不同的时间里，在公开市场上进行拍卖。财政部最后将拍卖交易中没有卖出去的国债全部送到美联储，美联储照单全收，这时美联储的账目上将这些国债记录在“证券资产”（SecuritiesAsset）项下。

请问，此时美联储资产负债表的资产项或负债项如何变动？

确实，他们绕开了公开市场，直接认购国债。。。。。。。

美国是第三个。。。。。。。。。

简单的说，雇一些人挖坑，在雇一些人把坑填平。。。。

以下是引用zengpeng999在2009-3-24 22:45:00的发言：

确实，他们绕开了公开市场，直接认购国债。。。。。。。

美国是第三个。。。。。。。。。

何以得知？

这是最关键的问题。

是否绕过公开市场我想未必是重要的，走公开市场又怎么样呢，如果最后都是照单全收，这不是徒然增加成本吗

货币当局有无保持币值稳定的能力和意愿我想才是最重要的，这很大程度上依赖于其独立性

以下是引用hunter_tong在2009-3-25 16:53:00的发言：是否绕过公开市场我想未必是重要的，走公开市场又怎么样呢，如果最后都是照单全收，这不是徒然增加成本吗

但是，如果有了公开市场这个绕不过去的第三者，“照单全收”未必是总能发生的。

俗一些说，央行只能在公开市场上买作为“二手货”的国债；央行能不能“照单全收”，还要看公开市场的反应。

这是美联储公开市场委员会的公告的原文，但不能得出美联储直接认购国债的结论。

http://www.federalreserve.gov/newsevents/press/monetary/20090318a.htm

Release Date: March 18, 2009

For immediate release

Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract.  Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending.  Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment.  U.S. exports have slumped as a number of major trading partners have also fallen into recession.  Although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions, together with fiscal and monetary stimulus, will contribute to a gradual resumption of sustainable economic growth.

In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued.  Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability.  The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.  To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion.  Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.  The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses and anticipates that the range of eligible collateral for this facility is likely to be expanded to include other financial assets.  The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of evolving financial and economic developments.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen. 

服了，你去查查美国国债市场有多大，区区3000亿连中国持有的国债都买不完，美联储最终的意图是降低国债收益率，以期降低信贷利率。。。。。。。。。。。。。。。

感觉是有一点不学无术，美国的金融市场现在说白了就是不正常，没钱给买房买股票的人贷款．美国现在这样做就是想让他们的银行有钱，低利息贷给那些买股票买房的人．他们国家的经济刺激什么能和我们国家相比？而且要是他们的经济好了我们国家照现在这样感觉就是义务帮助，没工资拿的．