政策の一段の進展とアメリカ経済回復の兆し?

 原稿が鬼のように押し寄せてきているので、ミラノの事件と離婚報道以外は目にする暇がなかった(=人はこれmixiスタンダードという)のですが、FRBが長期国債の買いオペを決定しました。日本では「日本銀行がとっくにやってて効果なんかあるの?」という物知りなコメントが多いのですが、どうみても政策(信用緩和)がより一段と進展したように思えます。買いオペの規模と期間について若干の不満がありますが。以下断続的にいろいろ抜書きしていきます。まとまりがなくすみません。

まずFRBの声明

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.

FRBの信用緩和についての当局側の解説(必読)

http://www.clevelandfed.org/research/trends/2009/0209/02monpol.cfm

クリープランド連銀の便利な信用緩和(FRBのバランスシートの拡大と構成変化がわかる)のチャート・データ。

http://www.clevelandfed.org/research/data/credit_easing/


最近の評価

http://www.clevelandfed.org/research/trends/2009/0309/02monpol.cfm


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