analysis of the zero interest rate policy objectives and risk（零利率政策目标的分析和风险）.docVIP

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2017-09-05 发布于浙江
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analysis of the zero interest rate policy objectives and risk（零利率政策目标的分析和风险）.doc

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analysis of the zero interest rate policy objectives and risk（零利率政策目标的分析和风险）

Analysis of the zero interest rate policy objectives and risk In December 2008, 15 to 16-day meeting on interest rates, the U.S. Federal Open Market Committee decided that the federal funds target rate from 1.00 PCT reduced the level of 0.00-0.25% for the next day, Hong Kong Monetary Authority Hong Kong is also the basic interest rate reduced to 0.50%. Two days later, the Bank of Japan cut the official interest rates 20BP (spread) to 0.10% after one week, the first Swiss bank’s target range of official interest rates fell to 0.00-1.00 per cent. Thus, the zero interest rate is no longer Japan’s unique product, in this round of rescue, the more economies adopt a zero interest rate policy. First, the global low interest rates U.S. monetary policy implementation process, usually by the Federal Open Market Committee meeting on interest rates determined in the federal funds target rate, then through open market operations so that the actual turnover of the federal funds rate as close to the target rate in the Treasury and the Fed Council to take a variety of measures, from December 5, 2008, actual federal funds rate has traded in a narrow range between 0.00-0.25 in determining fact, the Federal Reserve decision on interest rates of zero lag, is ratify rather than to guide market interest rates and interest rate expectations. Nevertheless, the use of the zero interest rate policy in the United States after World War II economic history is the first time. In addition to official interest rates, the U.S. market interest rates in a variety of unconventional means to rescue the market with zero interest rates is also under the influence of the characteristics. Christmas in 2008, the overnight London interbank offered rate (Libor) from more than one month before the 1% level dropped to only 11BP, 1-month Libor has dropped to less than 50BP, belong to the post-war low of .1 month short-term U.S. government bonds traded in the secondary market yield on 11 Decem