重读Zoltan:缩表、流动性与利率

朱尘Mikko
21 Nov 2024

请注意,原文发布于2019年5月在本篇GMN中,我们以大量前所未见的细节来解释日内(intra-day)美联储资产负债表操作的机制。这些机制揭示了,即便实施了数万亿美元的量化宽松,有些日子的准备金依然稀缺到足以引发波动和问题。我们详细研究了资产负债表缩减(通常被称为“缩表”)的具体运作方式。准备金是稀缺的。而这种稀缺性最终引致隔夜(O/N)联邦基金利率(FFR)的日常波动。隔夜(O/N)联邦基金...

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