The Federal Reserve's Interest Rate Control System (Gawo II) - Kuyambitsa Chiwongoladzanja pa Zosungirako Zowonjezera

M'nkhani yapitayi, tinawonanso ndondomeko ya chiwongoladzanja cha Federal Reserve chisanafike vuto lachuma la 2008 ("Kufotokozera Mwatsatanetsatane kwa Federal Reserve's Interest Rate Control System (Gawo I)"). Pa nthawi imeneyo, chifukwa cha zochepaZosungirakokuti mabanki omwe amachitikira ku Federal Reserve, a Fed adagwiritsa ntchito kuchotsera kwazenera ngati malire apamwamba komanso ntchito zotseguka za msika kuti aziwongolera malire otsika.

Komabe, kutsata vuto lazachuma la 2008, Federal Reserve idakhazikitsa njira zochepetsera kuchuluka kwachulukidwe, kukulitsa kuchuluka kwachuma komanso kupangitsa kuti chiwongola dzanja chisagwire ntchito. Pofuna kuthana ndi vutoli, Federal Reserve inayambitsa Chidwi pa ExIZIs Reserves (IOER) mu 2008 monga malire otsika atsopano a chiwongola dzanja. Nkhaniyi isanthula kusintha kwa ndondomekoyi mwatsatanetsatane komanso momwe zimakhudzira chiwongola dzanja.

Chiyambi cha Chiwongola dzanja pa Zosungirako Zowonjezera (IOER)

IOER imatanthawuza chiwongola dzanja chomwe Federal Reserve chimalipira pagawo la nkhokwe zamabanki zomwe zimapitilira zomwe zimafunikira. Chaka cha 2008 chisanafike, Federal Reserve sinalipire chiwongola dzanja pamadipoziti aku banki, zomwe zidapangitsa kuti malire achepetse chiwongola dzanja cha US, kudalira ntchito zamsika zotseguka kuti ziwongolere chiwongola dzanja chamsika. Komabe, kuchulukirachulukira kwachuma komwe kudabwera chifukwa chamavuto azachuma kudasokoneza kwambiri magwiridwe antchito amsika, zomwe zidapangitsa kuti chiwongola dzanja chamsika chitsike.

Pofuna kuthana ndi izi, Federal Reserve idakhazikitsa IOER mu Okutobala 2008, ndicholinga chochepetsa kuchepa kwa chiwongola dzanja chamsika popereka chiwongola dzanja kumabanki. Pamene chiwongola dzanja chomwe mabanki angapeze pamsika chidatsika pansi pa IOER, adakonda kuyika ndalama zawo zochulukirapo ku Federal Reserve, potero kusunga chiwongola dzanja chamsika kupitilira mulingo wa IOER.

Kusintha kwa IOER: Kuchokera ku Chida Chotsika Chotsika kupita ku Chida Chapamwamba

Ngakhale kuti muyesowu poyamba unapambana kuthetsa kutsika kwa chiwongoladzanja, zinaonekeratu kuti mabungwe azachuma omwe si a mabanki, omwe anali ndi ndalama zambiri ndipo sakanatha kugwiritsa ntchito mwachindunji IOER, anapitirizabe kuchepetsa chiwongoladzanja cha chiwongoladzanja cha msika, ndipo pamapeto pake anaphwanya IOER.

Chochititsa chidwi n'chakuti Federal Reserve inapeza kuti m'malo ovuta kwambiri, IOER inayamba kugwira ntchito ngati malire apamwamba a chiwongoladzanja. Pamene msika unali wodzaza ndi ndalama, ndipo ndalama zosungira mabanki ku Federal Reserve zinakwera, chiwongoladzanja cha msika chinakwera. Mabanki amachotsa nkhokwe ku Federal Reserve ndikubwereketsa pamitengo yokwera pamsika, zomwe zimapangitsa kuti chiwongola dzanja chamsika chibwerere pansi pa IOER.

Izi zidawonetsa kuti pakakhala ndalama zambiri, ntchito ya IOER ngati chida chocheperako idafooka, koma mosadziwa idatenga gawo lokweza chiwongola dzanja. Mu December 2008, Bungwe la Federal Reserve linasintha ndondomeko ya ndalama za federal kukhala 0-0.25% ndikuyika IOER pamtunda wapamwamba wamtunduwu, kutsimikiziranso ntchito yatsopano ya IOER ngati malire apamwamba mkati mwa chiwongoladzanja cha chiwongoladzanja.

Logic of Interest Rate Control Pakati pa Liquidity Glut

Pamene mabanki osungira ndalama ku Federal Reserve adakwera kuchokera pa $ 10 biliyoni chaka cha 2008 chisanafike kufika $ 800 biliyoni pofika kumayambiriro kwa 2009, ndipo anafika $ 3 trilioni m'zaka zotsatira, malingaliro okhudza chiwongoladzanja cha chiwongoladzanja chinasintha kwambiri.

Pansi pamiyezo yabwinobwino yosungira, IOER ikhoza kukhala ngati malire otsika pa chiwongola dzanja. Komabe, pankhani yakuchulukirachulukira kwa ndalama zamsika, zotsatira za IOER pakuchepetsa kutsika kwa chiwongola dzanja zinali zochepa.

Chiwongola dzanja chamsika chikapitilira IOER, mabanki amachotsa zosungidwa ku Federal Reserve ndikubwereketsa pamitengo yayikulu yamsika, kukulitsa ndalama zamsika ndikupangitsa kuti chiwongola dzanja chigwe. Njira imeneyi inasintha IOER kukhala chida chapamwamba chochepetsera chiwongola dzanja, pomwe chiwongola dzanja chanthawi zonse chinasiya ntchito yake yayikulu pakuwongolera chiwongola dzanja.

Market Impact ya IOER: Kufananiza ndi Msika wa Nkhumba

Kuti mufotokoze momveka bwino kusinthaku, taganizirani kufanana ndi "msika wa nkhumba": tiyerekeze kuti fakitale ya nkhumba imayika malire apamwamba a nkhumba pa 20 yuan ndikuwongolera mitengo kudzera pamsika. Msika ukachuluka, mitengo ya nkhumba imatsika, koma fakitale imagulanso nkhumba kuchokera kwa ogulitsa ena pa 10 yuan. Komabe, msika umakhalabe wochuluka, zomwe zimapangitsa kuti mitengo ipitirire kutsika, ndikuphwanya 10-yuan floor.

Pambuyo pake, mitengo ya nkhumba imabwereranso, koma mosasamala kanthu za kusinthasintha kwa msika, mitengo sikudutsa 10 yuan. Chifukwa chake ndikuti mitengo ikadutsa yuan 10, ogulitsa nkhumba amachotsa nkhumba yosungidwa kale ku fakitale ndikuigulitsa pamitengo yapamwamba, kukhazikika kwamitengo. Izi zikufanana ndi ntchito ya IOER pamisika yazachuma: chiwongola dzanja chamsika chikakwera pamwamba pa IOER, mabanki amachotsa nkhokwe ku Federal Reserve ndikubwereketsa pamitengo yokwezeka, ndikukankhira chiwongola dzanja kubwerera kumlingo wa IOER.

Mapeto

Kuyambika kwa Chiwongola dzanja pa Zowonjezera Zosungirako, zomwe poyamba zinkagwiritsidwa ntchito ngati chida chochepetsera chiwongoladzanja cha chiwongoladzanja, pang'onopang'ono kunayamba kugwira ntchito yokwera kwambiri pakati pa msika wogulitsa ndalama. Kusinthaku sikungowonetsa kukhudzidwa kwakukulu kwavuto lazachuma pazandalama komanso kukuwonetsa kusintha kwa Federal Reserve ndikusintha kuwongolera chiwongola dzanja munthawi yatsopano.