Why We Need an 'Accord' for Federal Reserve Credit Policy
类比1951年美联储与财政部关于货币政策的协议，指出当前美联储的信贷政策缺乏类似约束，可能因财政赤字、存款保险危机或外汇干预而被滥用，建议尽早建立信贷政策协议以防范未来风险。
of the most dramatic events in U.S. financial history. The agreement liberated monetary policy from the commitment, dating from World War II, to support government bond prices. It reasserted the principle of Federal Reserve independence so that monetary policy might serve primarily as an instrument for macroeconomic stabilization. The Federal Reserve, however, executes both monetary and credit policies, and no Accord has yet been established for its credit policies. The reason is that, until recently, fiscal concerns have not threatened the misuse of Fed credit policies in the way that bond price supports did for monetary policy. Large federal budget deficits, a deposit insurance crisis, or significant foreign exchange market intervention could change that. 1 Just as the 1951 Accord greatly improved monetary policy, an Accord for Fed credit policy established today, while fiscal concerns are still relatively small, could yield significant benefits in the future.