伯南克公开课-第一讲：美联储的起源与使命bernanke-lecture-one-20120320

OverviewoftheLectures•Theselecturesreviewsomeofthecausesofandpolicyresponsestotherecentfinancialcrisis,focusingontheroleoftheFederalReserve.•UnderstandingtheroleoftheFederalReserveintherecentfinancialcrisisrequiresanunderstandingof–theoriginsandmissionofcentralbanks–thelessonsofpreviousfinancialcrisesandhowtheyinformedtheFed'sdecisionsintherecentone2RoadmapoftheLectures•Lecture1explainswhatcentralbanksdo,theoriginofcentralbankingintheUnitedStates,andtheexperienceoftheFedduringtheGreatDepression.•Lecture2reviewsdevelopmentsincentralbankingafterWorldWarII,focusingontherecentfinancialcrisis.3RoadmapoftheLectures•Lecture3describesthefinancialcrisis,itsimplications,andthepolicyresponsesbytheFederalReserveandothers.•Lecture4discussesmonetarypolicyresponsestotherecession,thesluggishrecovery,post-crisischangesinfinancialregulation,andimplicationsofthecrisisforcentralbankpractice.45Lecture1:OriginsandMissionoftheFederalReserveWhatIsaCentralBank?•Acentralbankisnotanordinarycommercialbank,butagovernmentagency.•Centralbanksstandatthecenterofanation’sfinancialsystem.•Centralbankshaveplayedakeyroleinthedevelopmentofthemodernmonetarysystem.•Virtuallyallcountrieshaveacentralbank.6WhatIstheMissionofaNation’sCentralBank?•Macroeconomicstability–Allcentralbanksstriveforlowandstableinflation;mostalsotrytopromotestablegrowthinoutputandemployment.•Financialstability–Centralbankstrytoensurethatthenation’sfinancialsystemfunctionsproperly;importantly,theytrytopreventormitigatefinancialpanicsorcrises.7ThePolicyToolsofCentralBanks•Monetarypolicy–Formacroeconomicstability:Innormaltimes,centralbanksadjustthelevelofshort-terminterestratestoinfluencespending,production,employment,andinflation.•Provisionofliquidity–Forfinancialstability:Centralbanksprovideliquidity(short-termloans)tofinancialinstitutionsormarketstohelpcalmfinancialpanics,servingasthe“lenderoflastresort.”8ThePolicyToolsofCentralBanks•Financialregulationandsupervision–Manycentralbanks,includingtheFederalReserve,alsosupervisefinancialinstitutions.Totheextentthatsupervisionhelpskeepfirmsfinanciallyhealthy,theriskoflossofconfidencebythepublicandanensuingpanicisreduced.9OriginsofCentralBanking•TheearliestcentralbankswereinSweden(1668),England(1694),andFrance(1800):–Earlycentralbankstypicallybeganasprivateinstitutions;overtime,governmentsincreasinglytookoncentralbankingfunctions.–Animportantresponsibilityofthesecentralbankswasissuingpapermoney,usuallybackedbygold.•Inthe19thcentury,centralbanksalsobegantoserveasthelenderoflastresortduringfinancialpanics.10FinancialPanics•Financialpanicsaresparkedbyasuddenlossofconfidenceinoneormorefinancialinstitutions,leadingthepublictostopfundingthoseinstitutions,forexample,throughdeposits.•Panicscancause–widespreadbankruns–restrictionsondepositors’accesstotheirfunds–bankfailures–stockmarketcrashes–economiccontractions11FinancialPanicsAfinancialpanicispossibleinanysituationwherelonger-term,illiquidassetsarefinancedbyshort-term,liquidliabilities;andinwhichshort-termlendersordepositorsmayloseconfidenceintheinstitution(s)theyarefinancingorbecomeworriedthatothersmayloseconfidence.12LenderofLastResort•Tohaltthepanic,centralbanksmustactasthelenderoflastresort.•Short-termloansfromthecentralbankreplacelossesofdepositsorotherprivate-sectorloans,preventingthefailureofsolventbutilliquidfirms.13LenderofLastResort•Bagehot’s(stillrelevant)dictum:Duringapanic,centralbanksshould–lendfreely–againstgoodassets–atapenaltyinterestrate(todiscourageexcessiveuse)WalterBagehotFebruary3,1826–March24,1877EnglishjournalistandessayistAuthorofLombardStreet(1873)14HowDoesBagehot’sDictumHelpStemFinancialPanics?•Duringafinancialpanic,financialfirmsneedtopayoffdepositorsandothershort-termlenders.Withoutanothersourceoffunds,theywouldhavetosellassetsquicklyandtherebyworsenthepanic.Manyfirmsmightgobankrupt.15HowDoesBagehot’sDictumHelpStemFinancialPanics?•Iffinancialfirmscanborrowfreelyfromthecentralbank,usingtheirassetsascollateral,theycanpayoffdepositors,avert“firesales”oftheirassets,andrestoretheconfidenceoftheirdepositors.16OriginsoftheFederalReserve:FinancialStabilityConcerns•AftertheCivilWarandthroughtheearly1900s,somefinancialstabilityfunctionswereprovidedbyprivateorganizations,notablytheNewYorkClearingHouse.17TheNewYorkClearingHouseinthe19thcenturyOriginsoftheFederalReserve:FinancialStabilityConcerns•But,asevidencedbythemanybankingpanicsofthisera,theseorganizationswereunabletoprovidethestabilityneeded.18TheNewYorkClearingHouseinthe19thcenturyOriginsoftheFederalReserve:FinancialStabilityConcerns•TheUnitedStatesneededalenderoflastresortwithsufficientresourcestostoprunsonilliquid(butstillsolvent)banks.19TheNewYorkClearingHouseinthe19thcenturyU.S.FinancialPanics:1873to1914•Financialpanicsin1873,1884,1890,1893,and1907ledtobankclosings,lossesbydepositorsandinvestors,andoftentobroadereconomicslowdowns.•The1907financialpanicledCongresstoconsiderthecreationofacentralbank.20U.S.FinancialPanics:1873to1914•BeforetheFederalReservewasfullyestablished,thecountrywashitbyanotherseriousfinanc