Ichi Chinokosha Chekushandisa Dhiyabhorosi Kune Vatsigiri varo; Vamwe vanoti Izvo hazvina maturo
Zvinyorwa zveUnited States Federal Reserve ("Fed") inotamba basa rinowedzera kushanda mukuita kwehupfumi nemari yemari. Kunyanya kuzivikanwa kweizvi ndiko kukwanisa kwayo kugadzirisa purogiramu yenguva pfupi yezvibereko , izvo zvinoita kuti zvive nehuwandu hwehupfumi huripo uye chibereko chezvikwereti zvezvisungo zvese zvakakura. Bhizimusi guru rinoshandisa purogiramu yakaderera iyo inoda kukurudzira kukura, uye inochengetedza huwandu hwepamusoro apo inoda kuva nehuwandu hwezvishoma.
Mumakore achangopfuura, zvakadaro, nzira iyi yakapinda mune dambudziko: iyo Yakagadzirisa zvakagadzirisa zviyero kusvika kune zero, zvichireva kuti yakanga isisakwanisi kukurudzira kukura kuburikidza nehuwandu hwekuda kwehuwandu hwematongerwo enyika. Dambudziko iri rakaita kuti Fed iende kune imwe yombo inotevera mune arsenal yayo: kuwanda kwekutengesa.
Chii Chinowedzera Kuda?
Dhaka, kana chero bhizimusi guru rezvechinhu ichocho, rinokonzera kugadzirisa kuderera kuburikidza nekugadzira mari uye kutenga zvisungo kana zvimwe zvezvemari kubva kumabhangi. Mabhenji ezvo achava nemari yakawanda yekukweretesa. Kukura kwemari yemari yakakwirira, pamwe chete, kunofanira kuita kuti zvive nyore kupa mari mishonga - somuenzaniso, kuvakwa kwechivako chitsva chehofisi. Aya mapurisa anoisa vanhu kushanda, nokudaro vachibatsira hupfumi kukura. Mukuwedzera, mari yekutenga inobatsira kutengesa matengo ezvisungo nekuderedza kushandiswa kwavo, izvo zvinoita kuti zvibereko zvavo zviwe. Zvibereko zvepasi, zvekare, zvinopa hupfuro hwekuwedzera kwezvekuderedza kuburikidza nekuderedza mari dzevakweretwa.
Iyi ndiyo nzira iyo pfungwa inoshanda pamapepa, zvishoma. Mukuita, mabanki haafaniri kukwereta mari yakawanda. Kana mabhengi ari kutadza uye asina chaanovimba nacho - sezvazvakaitika mumakore akatevera dambudziko rezvemari ra2008 - mari yakakwirira inogona kunge isiri injini yekukura iyo Fed yakanga iri mupfungwa.
"QE1" uye "QE2"
Mukati kubva musi waNovember 25, 2008 kusvika muna March 2010, kuwedzera kukurumidza uye kusakosha kwebasa kwakatevera mushure mekupera kwemari ye2008-2008 kwakaita kuti Fed iwedzere hupfumi kuburikidza nehuwandu hwekuwedzera kwehuwandu Purogiramu yakanga isinganyanyi kukosha pakutanga, saka Fed yakazivisa kupararira kwepurogiramu kubva pamadhora mazana matanhatu kusvika ku $ 1.25 trillion musi waMarch 18, 2009.
Pakarepo mushure mekunge purogiramu yekutanga yehuwandu hwekugadzirisa yakaguma, dambudziko rakavapo nenzira yekukura kwekukura, kukwira kweEuropean madokari , uye kuwedzera kusagadzikana mune zvemari dzemari. Nhepfenyuro yakafambidzana nechechipiri yehuwandu hwehuwandu hwekuwedzera, iyo yakasvika pakuzivikanwa se "QE2" uye inIn response, Fed yakatenga imwe $ 600 mabhiriyoni muchinguva chiduku chezvisungo. Iyi purogiramu - iyo Sachigaro weBen Bernanke yekutanga yakaratidza musi waAugust 27, 2010 - yakatanga kubva munaNovember 2010 kusvika munaJune 2011. QE2 yakaita rangano mumisika yemari asi haina kuita zvishoma kuti iwedzere kukura kwehupfumi .
QE3 Yakatangwa munaSeptember 2012
Musi waSeptember 13, 2012, US Federal Reserve yakatanga rutivi rwechitatu rwehuwandu hwekutengesa. Mukuwedzera, iyo Fed yakarongedzwa zvakananga - kwekutanga - kuti inogona kuchengetedza nguva shoma shoma pasi kusvika 2015.
Izvi zvinoratidza mafungiro eFed kuti hupfumi hwakanga husati hwasvika pakureba kwekusimudzira kukura (mune mamwe mazwi, kukwanisa kuramba uchikura pasina kukurudzira). Saizvozvowo, Fed yakagamuchira izvo vamwe vakadana "QE Infinity," chirongwa chekutenga $ 85 mabhiriyoni ezvigadziriswa zvekugadzirisa mari pamwedzi, $ 40 mabhiriyoni emari yekuchengetwa mari-backed uye $ 45 mabhiriyoni eUnited States Treasury .
Kusiyana neQE1 neQE2, chirongwa ichi chechitatu chakanga chisina kuguma zuva rokuguma. Zvisinei, kubvumirana kwokutanga kwaiva kuti Fed yaizotanga kuderedza ukuru hwekutenga kwayo isati yabviswa muna 2013, nechinangwa chokugumisa purogiramu ya2015. Ipapo Fed Chairman Ben Bernanke akanyora musi waMay 22, 2013 kuti Hed " taper " QE gore risati rasvika. Nepo huwandu hwehupfumi uye vatyairi vatarisira kuti kutanga kunyorera kuitika musi waSeptember 18, 2013, Fed yakashamisa misika nekuzivisa kuti purogiramu yacho ichagara pa $ 85 mabhiriyoni pamwedzi zvisingaperi maererano nemamiriro ehupfumi.
Musi waDecember 18, 2013, Fed yakaratidza kutanga kugadzira. Kutanga munaJanuary, yakaderedza zvigadzirwa zvayo kusvika $ 75 biliyoni pamwedzi - $ 35 biliyoni zvekutengesa mari-backed securities uye $ 40 mabhiriyoni eZvivigiro. Izvo zvakapedzisira zvakazivisa zvishoma zvishoma kuderedza, zvishoma nezvishoma kuderedza zvigadzirwa zvayo uye pakupedzisira kugumisa chirongwa munaOctober, 2014.
Pasinei nezviito izvi, izvo zvakasarudza kuisa hupfumi hweUnited States pachikoro, kubva munaJune 2016, kusava nechokwadi kwezvehupfumi, kukurumidza kuwedzera kwehupfumi uye, kunyanya, kunonoka kuwedzera muhomwe. Kuwedzera kwekusagadzikana kwezvemari kwakangowedzera huwandu hwevanhu veUnited States kushaya tariro pamusoro pehupenyu huri mune ramangwana rehupfumi. Izvo zvakanakisisa zvinogona kutaurwa nezvehuwandu hwekutengesa - izvo zvinokosha zvakakosha - ndezvokuti zvichida kuderedzwa marwadzo ehupfumi. Izvo hazvina kuisa nyika yose zvakare, zvisingaiti munguva pfupi.
The Case Against Against Quantitative Easing
Nhepfenyuro dzeFed dzakasiyana-siyana dzeEE dzakakonzera kutsoropodza zvakasimba kubva kune dzimwe nyika yezvematongerwo enyika, asi kunyanya kurudyi. Pakati pezvikonzero zvinopesana nehuwandu hwekutengesa ndezvekuti:
- Inobatsira mabhengi akawanda kudarika hupfumi, sezvo vanogona kusarudza kusimbisa mashizha avo ekuchengetedza "kuchengetedza" mari pane kuishandisa kuwedzera basa ravo rechikwereti.
- Nokusika mari, Fed inoita kuti US dollar isaderedzwe nemari yekunze. (Funga kugadzirisa uye kuda: mari yakawanda yemadhora, pamwe nechishuvo chakaenzana, inotungamirira kumanani ekuwa; munyaya iyi, "chiyero" chemari yekunze mari inogona kutenga).
- Kuwedzera mari inopa mari inogona kusimba mutengo . Sezvo pane kuchinonoka pakati pekushandiswa kweFed mutemo uye nhupfumi yehupfumi, kutengesa kwenyika kunogona kukwira nokukurumidza kusvika kumazinga asingagoni kuwanikwa.
- Kuverenga zvishoma kunogona kuita " bubbles " mumatengo easset.
Zvinofanira kuonekwa kuti zvimwe zvekupikisa kwakasimbiswa nedata, asi kuti vamwe havasi. Izvo zvinobatsira zvekutengesa kuwanda zvinopesana.