ʻO ka Federal Reserve's Interest Rate Control System (Mahele II) - Hoʻomaka i ka ukupanee ma nā ʻoi aku ka nui.

Ma ka 'atikala ma mua, ua nānā mākou i ka Federal Reserve's interest rate corridor system ma mua o ka pilikia kālā o ka makahiki 2008 ("A Detailed Explanation of the Federal Reserve's Interest Rate Control System (Part I)"). I kēlā manawa, ma muli o ka palenaHoʻokaʻawaleʻO nā panakō i mālamaʻia ma ka Federal Reserve, ua hoʻohana ka Fed i ka uku puka ho'ēmi e like me ka palena kiʻekiʻe a me ka weheʻana i nāʻoihana kūʻai no ka mālamaʻana i ka palena haʻahaʻa.

Eia nō naʻe, ma hope o ka pilikia kālā o ka makahiki 2008, ua hoʻokō ka Federal Reserve i ka hoʻohaʻahaʻa nui ʻana, e hoʻonui nui ana i ka waiwai o ka mākeke a me ka hoʻolilo ʻana i ka ʻōnaehana koridor uku uku. No ka hoʻoponopono ʻana i kēia kūlana, ua hoʻokomo ka Federal Reserve i ka Interest on ExKEIAs Reserves (IOER) i ka makahiki 2008 e like me ka palena haʻahaʻa hou no ka uku panee. E kālele ana kēia ʻatikala i kēia neʻe ʻana o nā kulekele i nā kikoʻī a me kona hopena i ka ʻōnaehana hoʻokele ukupanee.

Introduction of the Interest on Excess Reserves (IOER)

ʻO ka IOER e pili ana i ka ukupanee i uku ʻia e ka Federal Reserve ma ka ʻāpana o nā waihona panakō i mālama ʻia ma mua o nā mea i koi ʻia. Ma mua o ka makahiki 2008, ʻaʻole i uku ka Federal Reserve i ka ukupanee ma nā waihona panakō, e hopena ana i kahi palena haʻahaʻa ʻole no ka alahele uku pānaʻi US, e hilinaʻi nei ma nā hana makeke ākea e hoʻomalu i ka uku panee mākeke. Eia nō naʻe, ʻo ka hoʻonui ʻana i ka wai i hana ʻole ʻia e ka pilikia kālā i hoʻohaʻahaʻa loa i ka maikaʻi o nā hana makeke ākea, e hoʻemi ana i nā kumukūʻai o ka mākeke.

No ka pale ʻana i kēia, ua hoʻokomo ka Federal Reserve i ka IOER i ʻOkakopa 2008, me ka manaʻo e kaupalena i ka emi ʻana o nā kumukūʻai mākeke ma ka uku ʻana i ka uku paneʻe i nā panakō. I ka wā i hiki ai i nā panakō pākēneka ke loaʻa ma ka mākeke i hāʻule ma lalo o ka IOER, ua ʻoi aku ko lākou makemake e waiho i kā lākou mau kālā keu ma ka Federal Reserve, a laila mālama ʻia nā kumukūʻai mākeke ma luna o ka pae IOER.

ʻO ka hoʻololi ʻana o IOER: Mai ka mea hana palena haʻahaʻa a i ka hāmeʻa palena luna

ʻOiai ua kūleʻa mua kēia ana i ka pale ʻana i ke ʻano iho o ka uku paneʻe, ua ʻike ʻia ʻo nā hui kālā ʻaʻole panakō, ka mea i paʻa i ke kālā nui a hiki ʻole ke hoʻohana pololei i ka IOER, hoʻomau i ka hoʻohaʻahaʻa ʻana i nā kumukūʻai o ka mākeke, a hiki i ka wā i haki ai i ka papahele IOER.

ʻO ka mea e mahalo ai, ua ʻike ka Federal Reserve i loko o kahi kaiapuni o ka wai nui, ua hoʻomaka ka IOER e hana ma ke ʻano he palena kiʻekiʻe no nā uku ukupanee. I ka wā i piha ai ka mākeke me nā kālā, a ua piʻi aʻe nā koena o nā panakō ma ka Federal Reserve, ua piʻi aʻe nā kumukūʻai o ka mākeke. Na nā panakō e hoʻihoʻi i nā waihona mai ka Federal Reserve a hāʻawi iā lākou i nā kumukūʻai mākeke kiʻekiʻe, e hoʻihoʻi ana i nā kumukūʻai mākeke ma lalo o ka IOER.

Ua hōʻike ʻia kēia ʻano i loko o nā kūlana o ka nui o ka wai, ua nāwaliwali ke kuleana o ka IOER ma ke ʻano he mea hana palena haʻahaʻa, akā ua manaʻo ʻole ʻo ia i ke kuleana o kahi palena kiʻekiʻe no nā uku ukupanee. I Kekemapa 2008, ua hoʻololi ka Federal Reserve i ka palena o ka huina kālā federal i 0-0.25% a hoʻonoho i ka IOER ma ka palena kiʻekiʻe o kēia pae, e hōʻoia hou ana i ka hana hou a ka IOER ma ke ʻano he palena kiʻekiʻe i loko o ke alahele uku ukupanee.

ʻO ka Logic of Interest Rate Control Ma waena o Liquidity Glut

I ka piʻi ʻana o nā koena o nā panakō ma ka Federal Reserve mai kahi $ 10 biliona ma mua o 2008 a i $ 800 biliona i ka hoʻomaka ʻana o 2009, a hiki i ka $ 3 trillion i nā makahiki i hala, ua loli maoli ka manaʻo o ka mana o ka uku paneʻe.

Ma lalo o nā pae mālama maʻamau, hiki i ka IOER ke lilo i palena haʻahaʻa no ka uku panee. Eia nō naʻe, i loko o kahi hiʻohiʻona o ka nui o ka waiwai o ka mākeke, ua kaupalena ka hopena o ka IOER i ka pale ʻana i ka emi ʻana o ka uku paneʻe.

Ke ʻoi aku ka nui o ka uku paneʻe ma ka IOER, e hoʻihoʻi nā panakō i nā waihona mai ka Federal Reserve a hāʻawi iā lākou i nā kumukūʻai mākeke kiʻekiʻe, e hoʻonui ana i nā kālā makeke a e hāʻule ka uku paneʻe. Ua hoʻololi liʻiliʻi kēia ʻano hana i ka IOER i mea hana palena kiʻekiʻe no ka uku paneʻe, ʻoiai ua nalowale ka puka aniani hoʻoemi kuʻuna i kāna kuleana nui i ka hoʻokele uku ukupanee.

Ka hopena o ka mākeke o IOER: He Analogy me ka Mākeke puaʻa

No ka wehewehe pono ʻana i kēia neʻe ʻana, e noʻonoʻo i kahi hoʻohālikelike me ka "mākeke puaʻa": manaʻo paha e hoʻonohonoho kahi hale hana puaʻa i ka palena kumukūʻai kiʻekiʻe no ka puaʻa ma 20 yuan a mālama i nā kumukūʻai ma o ka lako mākeke. Ke nui ka lako o ka mākeke, hāʻule nā ​​kumukūʻai puaʻa, akā kūʻai ka hale hana i ka puaʻa mai kekahi mau mea kūʻai aku ma 10 yuan. Eia naʻe, ke hoʻomau nei ka lako o ka mākeke, e hoʻomau i ka hāʻule ʻana o nā kumukūʻai, a hiki i ka wā e uhai ai i ka papahele 10-yuan.

Ma hope mai, piʻi hou nā kumukūʻai puaʻa, akā me ka nānā ʻole i ka loli o ka mākeke, ʻaʻole i ʻoi aku ke kumukūʻai ma mua o 10 yuan. ʻO ke kumu ke ʻoi aku ka nui o nā kumukūʻai ma 10 yuan, hoʻihoʻi nā mea kūʻai puaʻa i ka puaʻa i mālama mua ʻia mai ka hale hana a kūʻai aku i nā kumukūʻai kiʻekiʻe, e hoʻopaʻa i nā kumukūʻai. Ua like kēia me ke kuleana o ka IOER ma nā mākeke kālā: i ka wā e piʻi aʻe ai nā kumukūʻai o ka mākeke ma luna o ka IOER, e hoʻihoʻi nā panakō i nā waihona mai ka Federal Reserve a hāʻawi iā lākou i nā kumukūʻai kiʻekiʻe, i ka hopena e hoʻihoʻi i ka uku paneʻe i ka pae IOER.

Ka hopena

ʻO ka hoʻokomo ʻia ʻana o ka ukupanee ma luna o nā ʻauhau ʻoi aku, i manaʻo mua ʻia ma ke ʻano he hāmeʻa palena haʻahaʻa i loko o ke alahele uku pānaʻi, ua lawe mālie i ka hana o kahi palena kiʻekiʻe ma waena o ka nui o ka mākeke wai. ʻAʻole hōʻike wale kēia neʻe i ka hopena hohonu o ka pilikia kālā ma ke kulekele kālā akā e hōʻailona pū ana i ka hoʻololi a me ka hoʻoponopono ʻana o ka Federal Reserve i ka mana o ka uku paneʻe i ka maʻamau hou.