Iyo Federal Reserve's Interest Rate Control System (Chikamu II) - Nhanganyaya yeInterest pane Yakawandisa Reserves.

Muchinyorwa chakapfuura, takaongorora Federal Reserve's interest rate corridor system pamberi pedambudziko remari ra2008 ("A Detailed Explanation of the Federal Reserve's Interest Rate Control System (Chikamu I)"). Panguva iyoyo, nekuda kwekugumiraReserveskuti mabhanga akachengetwa kuFederal Reserve, iyo Fed yakashandisa dhizaini hwindo chiyero seyepamusoro muganhu uye yakavhurika musika mashandiro kudzora yakaderera muganhu.

Nekudaro, zvichitevera dambudziko remari ra2008, iyo Federal Reserve yakaisa hombe-yehuwandu kudzikisira, ichiwedzera zvakanyanya musika wekushomeka uye kuita kuti mubereko wecorridor system isashande. Kugadzirisa mamiriro ezvinhu aya, Federal Reserve yakaunza Kufarira paExIZVIs Reserves (IOER) muna 2008 semuganho mutsva wepasi wemitengo yemubereko. Ichi chinyorwa chichaongorora shanduko yepolicy iyi zvakadzama uye nemhedzisiro yayo padanho rekudzora chiyero.

Nhanganyaya yeKufarira pane Yakawandisa Reserves (IOER)

IOER inoreva mubereko unobhadharwa neFederal Reserve pachikamu chemari yebhangi inochengetwa yakawandisa pane inodiwa. Gore ra2008 risati rasvika, iyo Federal Reserve haina kubhadhara mubereko pamadhipoziti ekubhangi, zvichikonzera kusashanda kwemuganho wakaderera wemubereko wemubereko weUS, ichitsamira pamusika wakavhurika mashandiro ekudzora mhindu yemusika. Zvakadaro, kuwanda kwemari kusati kwamboitika kwakaunzwa nedambudziko remari kwakakanganisa zvakanyanya kushanda kwemusika wakavhurika, zvichikonzera kuti mubereko wemisika udzikire.

Kurwisa izvi, Federal Reserve yakaunza IOER muna Gumiguru 2008, ichivavarira kudzikamisa kuderera kwemari yemumba yemusika nekubhadhara mhindu kumabhanga. Kana mabhengi emari dzemubereko aikwanisa kuwana pamusika akadonha pasi peIOER, vainyanya kuda kuisa mari yavo yakawandisa kuFederal Reserve, nokudaro vachichengeta mhindu yemusika iri pamusoro peiyo IOER level.

Iyo Shift yeIOER: Kubva Pazasi Muganho Chishandiso kuenda Kumusoro Muganho Chishandiso

Kunyange zvazvo chiyero ichi chakatanga kubudirira kudzikamisa kuderera kwemitengo yemubereko, zvakava pachena kuti masangano ezvemari asiri emabhangi, ayo akabata mari yakawanda uye aisakwanisa kushandisa zvakananga IOER, akaenderera mberi achidzikisira mitengo yemubereko yemusika, pakupedzisira achityora iyo IOER pasi.

Sezvineiwo, iyo Federal Reserve yakaona kuti munzvimbo ine yakanyanyisa liquidity, iyo IOER yakatanga kushanda semuganho wepamusoro wemitengo yemari. Apo musika wakanga wakazara nemari, uye mabhangi 'reserve balances paFederal Reserve akawedzera, mubereko wemusika wakakwira. Mabhangi aizobvisa mari kubva kuFederal Reserve ovakweretesa nemitengo yepamusoro yemusika, zvichikonzera kuti mhindu yemisika idzoke pasi peIOER.

Chiitiko ichi chakaratidza kuti mumamiriro ekuwanda kwemari, basa reIOER sechishandiso chepasi rakapera simba, asi nekusaziva rakatora basa repamusoro pemari yemubereko. Muna Zvita 2008, Federal Reserve yakagadzirisa chiyero chemari yemubatanidzwa kusvika pa0-0.25% uye yakaisa IOER pamuganho wepamusoro weiyi nhanho, ichisimbisazve basa idzva reIOER semuganho wepamusoro mukati memukoridho wemhindu.

Iyo Logic yeKufarira Rate Kudzora Pakati peLiquidity Glut

Sezvo mabhanga 'reserve balances kuFederal Reserve akakwira kubva pamadhora mabhiriyoni gumi gore ra2008 risati rasvika kusvika pamadhora mazana masere emabhiriyoni mukutanga kwa2009, uye akatosvika pamadhora mazana matatu emadhiriyoni mumakore aitevera, pfungwa dzekudzora mubereko dzakashanduka.

Pasi pemazinga akajairwa ekuchengetedza, iyo IOER inogona kushanda semuganho wakaderera wemitengo yemhindu. Zvakadaro, muchiitiko chekuwanda kwemari pamusika, kukanganisa kweIOER pakudzikamisa mubereko kuderera kwaive kushoma.

Kana mhindu yemusika yadarika iyo IOER, mabhanga aibvisa mari kubva kuFederal Reserve ovakweretesa nemitengo yepamusoro yemusika, kuwedzera mari yemusika uye kuita kuti mubereko udzike. Muchina uyu wakashandura zvishoma nezvishoma IOER kuita chishandiso chepamusoro chemitengo yemubereko, nepo chinyakare chekudzikisira hwindo chiyero chakarasikirwa nebasa rayo guru mukudzora chiyero chemhindu.

Market Impact yeIOER: Analogy nePork Market

Kuti utsanangure zvakajeka shanduko iyi, funga kuenzanisa ne "musika wenguruve": ngatiti fekitori yenguruve inoisa mutengo wepamusoro wenguruve pa20 yuan uye inodzora mitengo kuburikidza nemusika wekutengesa. Kana kuwanikwa kwemusika kwakawandisa, mitengo yenguruve inodonha, asi fekitori inotenga nyama yenguruve kubva kune vamwe vatengesi pa10 yuan. Nekudaro, musika wekutengesa unoramba wakakura, zvichiita kuti mitengo irambe ichidonha, pakupedzisira ichityora 10-yuan pasi.

Zvadaro, mitengo yenguruve inodzokera, asi zvisinei nekushanduka kwemusika, mitengo haimbopfuuri gumi yuan. Chikonzero ndechekuti kana mitengo inopfuura 10 yuan, vatengesi venguruve vanobvisa kare yakachengetwa nyama yenguruve kubva kufekitari uye kuitengesa nemitengo yakakwirira, kudzikamisa mitengo. Izvi zvakangofanana nebasa reIOER mumisika yemari: kana mhindu dzemusika dzakwira pamusoro peIOER, mabhanga anobvisa mari kubva kuFederal Reserve vovakweretesa nemitengo yepamusoro, zvichizopedzisira zvadzoreredza mibairo pasi kusvika padanho reIOER.

Mhedziso

Kuunzwa kweInterest on Excess Reserves, pakutanga yaiitirwa sechishandiso chepasi mukati memukoridho wemhindu, zvishoma nezvishoma zvakatora basa repamusoro pakati pekuwanda kwemari pamusika. Shanduko iyi haingoratidzi kukanganisa kwakadzama kwedambudziko remari pagwaro remari asi zvakare rinoratidza kuchinjika kweFederal Reserve uye kugadzirisa kudzora chiyero chemhindu mune yakajairika.