On the Liquidity Shocks,Monetary Policy Mistake and the Financial Crisis
论文分析了流动性冲击通过资产负债表和资产价格渠道影响金融市场，指出货币政策错误等因素导致美国金融危机，并反思美联储的流动性管理。
In the paper the author suggest that:(1)Liquidity shocks make a notable impact on financial markets through balance sheet channel and asset price channel.The balance sheet effects of borrowers cause the loss spiral and the margin spiral,leading to the fire sale of assets,this promotes large price drops and a general tightening of lending.(2) The monetary policy mistake,financial market structural changes,the new Bretton Woods system and the herd behavior of investors led up to the housing bubble,The shattered housing bubble was the trigger of the US financial crisis.(3) After the breakout of the financial crisis,the Federal Reserve injected liquidity to the financial market by adjusting the balance sheet,effectively reducing the probability of the financial market collapse.Finally,the paper makes reflection of the US.financial crisis from the angle of liquidity management in conclusion.