The Crisis Management of Monetary Policy
全球化改变了金融危机的起因和传导，本文探讨了货币政策在危机管理中的理论与实践，包括发达国家在利率、最后贷款人、直接购买政府证券和国际协调方面的突破，以及退出危机管理措施以避免通胀的挑战。
Globalization has altered the causes and transmission of financial crisis,which calls for development of the crisis management theory and practices of monetary policy.During the on-going international financial crisis, the monetary policies of major developed countries have played a leading role,and shouldered part of the functions of fiscal policies.Salientlv,a number of breakthroughs were made in the level of policy rates,lender of last resort function,direct purchase of government securities as well as international coordination.Nevertheless, it is even more challenging to exit crisis management measures to avoid future inflation.