文档介绍：中美货币政策工具比较研究
2016 年 7 月
中美货币政策工具比较研究 2016-7-20
目录
一、美国常规货币政策工具介绍...................................................................................................................... 3
1. 公开市场操作(Open Market Operations,OMOs) .................................................................................. 3
2. 贴现率(Discount Rate) .............................................................................................................................. 4
3. 法定存款准备金(Reserve Requirements) ................................................................................................ 4
4. 准备金利息和超额准备金利息(Interest On Required Balances And Excess Balances) ........................ 5
5. 定期存款工具(Term Deposit Facility) ..................................................................................................... 5
二、美联储应对危机货币政策创新工具介绍.................................................................................................. 6
1. TAF(Term Auction Facility)-弥补再贴现不足的流动性支持工具.......................................................... 7
2. TSLF(Term Securities Lending Facility)-交换流动性差抵押债券.......................................................... 8
3. PDCF(Primary Dealer Credit Facility)-允许通过贴现窗口向美联储借款............................................. 9
4. AMLF(Asset-mercial Paper Money Market Mutual Fund Liquidity Facility)-间接支持商业
票据市场.............................................................................................................................................................. 9
5. mercial Paper Funding Facility)-恢复商业票据市场融资功能........................................... 10
6. MMIFF(Money Market Investor Funding Facility)-直接支持货币市场................................................ 10
7. TALF(Term Asset-Backed Securities Loan Facility)-激活信贷市场...................................................... 10
三、中国常规货币政策工具介绍.........................................................................................