The Monetary Policy Operation to Response to the Financial Crisis:Some innovated Instruments by Fed and International Monetary Policy Cooperation
回顾大萧条历史教训，总结美联储应对次贷危机的新型货币政策工具及国际货币政策合作，并评述其效果。
In the process of subprime crisis evolving into global crisis,Federal Reserve Bank learned lessons from the great depression between 1929 and 1933 and strived to manage crisis actively by means of monetary policy.On the ground of brief retrospect of related literature and historical experience of monetary policy about crisis management,this paper summarizes and analyzes the monetary policy operation of Federal Reserve Bank to response to the crisis,as well as the newly created monetary policy instruments to maintain the liquidity in financial system,at the same time,the international monetary policy cooperation is probed.Comments on the monetary policies of subprime crisis management and their results are reviewed at the end.