什么是公开市场操作？
发布于: 5年前
What are open market operations?
Open market operations are one of the many tools the Federal Reserve Board has at its disposal to influence monetary policy. An open market operation is when the Fed buys and sells Treasury bills to change the amount of money in the economy. The Fed makes these trades with other banks, and decides how much to trade by targeting a particular interest rate known as the "federal funds rate," which theoretically affects other interest rates in the economy. So open market operations change[s] the money supply, which affects the supply of loans, and change[s] interest rates, which affects the quantity of loans demanded.
There are two types of open market operations – expansionary and contractionary. An expansionary open market operation is when the Fed wants to increase the money supply and lower interest rates by purchasing Treasury bills from banks, thus increasing the supply of bank reserves. The new reserves would allow banks to make more loans, thus stimulating the economy, making it easier to start or expand new businesses, or easier to get a mortgage. This increase in bank reserves would also lower the opportunity cost of banks loaning those reserves out to other banks, and that, in turn, would lower the federal funds interest rate.
A contractionary open market operation is when the Fed wants to decrease the money supply and increase interest rates by selling Treasury bills to banks, thus decreasing the supply of bank reserves. You may be thinking, "Why would you ever want to slow down an economy?" Well, contractionary policies are usually used to slow down inflation, or correct for other distortions in the economy.
Historically, open market operations were one of the most important tools the Fed had at its disposal to influence the economy. However, in more recent times, after the Great Recession, the Federal Reserve has relied more heavily on its other tools.
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