I-Fed ifunekayo i-QE2 kuba i- QE1 yayingasebenzi kakuhle kunye nokucwangciswa.
I-Fed ithenge i-securities kwiibhanki ukuba ibenzele ukuba bagcine amaxabiso aphantsi. Ngokuqhelekileyo, oku kuya kubakhuthaza ukuba baboleke imali emininzi, bakhulise imali kunye nokukhula okukhulisa. Kodwa iibhanki azange zandise umboleko njengoko iFed yayifuna. Babambelele kwikhredithi ethe xaxa, beyisebenzisa ukuba babhale i-foreclosures okanye bayigcine nje xa beyifuna. Iibhanki zathi azikwazanga ukufumana abantu abanelungelo lokuthenga ngetyala emva kokunciphisa. Abazange bathethe ukuba abaninzi baye bakhulisa imilinganiselo yabo yokuboleka ukususela ngo-2007, benethemba lokuphepha ukuhlawulwa kwetyala elibi.
Ngoko, iFed ishintshiwe. Ikwazisa ukuba yayiza kugcina i-holdings yayo kwi-level 2.054 trillion level. Ingazithenga iibhiliyoni ezingama-30 ngenyanga ngenyanga yamaxesha exesha elide, njengamanqaku e- 10 karhulumente weNondyebo . Injongo yalo kukugcina ixabiso lentengo elingaphantsi ukwenza ukuba izindlu zifikeleleke. Kwakhona kwakufuna ukwenza u-Nondyebo ungathandeki, ukuphoqelela abatyali-mali ukuba babuyele kwimali-mboleko.
I-Fed yashicilele ukugxila kwayo kwi-QE2
Nge-QE2, iFed yayizama ukukhuthaza ukunyuka kwamaxabiso emandla. Ngoba? Kwafuna ukukhuthaza uqoqosho ngokunyusa imfuno . Xa amaxabiso aphakama ngokukhawuleza kwaye ngokuqhubekayo phezu kwexesha, abantu banokungathengisa ngoku ukukhusela ukunyuswa kwexabiso elizayo. Ngamanye amazwi, ulindelo lokunyuka kwamaxabiso ngumqhubi onamandla wemfuno.
Umlinganiselo wokujoliswa kwe -Fed we -inflation ngowama-2 ekhulwini. I-Fed isebenzisa isantya sokunyuka kwamaxabiso , esingafaki i- gesi enefuthe kunye nexabiso lokutya , njengethuluzi lokulinganisa. Amaxabiso eGesi aphakama nganye entwasahlobo njengoko abatyali-zimali balindele ukwanda kweemfuno kwixesha lokuqhuba ihlobo. Ukutya kwamaxabiso kungekudala kuba iindleko zokuthutha ziyinxalenye enkulu yeendleko zokutya. I-Fed ayifuni ukutshintsha umgaqo-nkqubo wayo weemali ekuphenduleni kweso shintsho sonyaka. Yingakho i-Fed isebenzisa umgaqo-mali wezandiso xa kuthe kubonakala ngathi sele sinezikhunganiso zenyuka ekutya nasegesi.
Kutheni i-Fed ibhala phantsi igunya layo eliphambili lokuphepha ukunyuka kwamaxabiso? Kwakukhathazeka ngakumbi ukuba uqoqosho olucebileyo lwaluza kudala ukuchaswa . Ukuhla kwehla kwamaxabiso kusoloko kukho ingongoma enkulu ekukhuleni kwezoqoqosho kunokunyuka kwamaxabiso. Umzekelo obalaseleyo wendlela oku kusebenza ngayo kwindlu, efumana ama-30 eepesenti angaphantsi kwamaxabiso ngexesha lokunciphisa. Ndiyabulela ukuhlambalaza, abantu bebanqikaza ngokuthenga amakhaya ade amaxabiso aqalise kwakhona. Kuze kwenzeke oko, ukuchithwa kwezinto kwagcinwa kwabakwa-homebuyers ngasecaleni. Oku kwavumela ukuba amaxabiso ezindlu awele.
Abanini-mali abaninzi nakuba bebengakhathazeki ngokuchasana. Babesaba ngakumbi ukuba iFed yayiza kutshabalalisa ixabiso layo lokunyuka kwamanani, ukudala i- hyperinflation .
Ngenxa yoko, xa ii-Fed zivakalisa i-QE2, abatyali-mali baqalisa ukuthenga i- Treasury Inflation Protected Securities , okanye i-TIPS. Abanye baqala ukuthenga igolide, umgca oqhelekileyo wokulwa nokunyuka kwamaxabiso. Ngenxa yoko, ixabiso legolide libeka iirekhodi ezintsha.
I-Fed yaphela i-QE2 ngoJuni 2011. Yagcina i-balance ye $ 2 trillion kwiziqinisekiso. Iimfudu zegolide eziphazamisayo ziqhube ixabiso lentengo yale mali ukuya kwi-1,825 yeeyunithi. Abatyalomali babeya kukhetha ukubona ii-Fed zithengisa iimpahla okanye zivelise inzala. Ngesizathu esithile, babexhalabele ngokunyuka kwamaxabiso kunomnotho onobunzima.
Kutheni ukumemezela i-QE2 kuphumelele kangaka
Usihlalo we-Fed uBen Bernanke wayememezele i-QE2 ngaphambi kokuba athenge. Kwinkomfa yakhe yokuqala yenkomfa, wabuye wamemezela ukuphela kwe-QE2 ngo-Apreli 2011, inyanga ezintathu ngaphambi kokuba ziphelile. Kuyo, wazisa ukuba i-Fed iya kumisa inkqubo ye-QE2 ekupheleni kukaJuni.
UBernanke wayefundile kwimpumelelo ye-former Chairman Paul Volcker . Wayeqonda ukuba ukubeka ilindelwe uluntu kwi-Fed isenzo kwangaphambili kwakubaluleke njengento eyenziwa yibhanki enkulu . U-Volcker wasebenzisa oku kulungelelanisa ukucoceka umonakalo we- stagflation owadalwa ngabaphambili bakhe. Umgaqo-mali we-stop-go umgaqo-mali, apho amazinga enzala aphakama kwaye angalindelekanga, adideke kwiimarike. Okudala ukulindela kokunyuka kwamaxabiso okunyuka. Amashishini ahlala ephakamisa amanani ukuze azikhusele kwizenzo ezingenakuhambelana neFom. I-Volcker iphelile ukunyuka kwamaxabiso okuphindwe kabini ngokuzibandakanya.
Ukuchithwa kokuPhepha phambi kwe-QE2
I-QE2 yayiyindlela yokusebenzisa ithuluzi elikhoyo. Ukuxhaswa kwembali ngokusesikweni kusetyenziswa ukuhlengahlengiswa kwemilinganiselo njengengxenye yomgaqo-nkqubo wezemali . Yibambe ubuncinane ubuncinane beeRandi eziyi-700 zeeMali zeNondyebo kunini na ixesha. I-Fed yasebenzisa le phothifoliyo ukwenzela ukukhuthaza ukukhula ngexesha lokuhambisa okanye ukunciphisa ngexesha lombhobho. Kodwa inkathazo yezezimali ngo-2008 yayikhathele enye i-Fed izixhobo. Isamba semali se-Fed kunye nezinga lokunciphisa sele sele likhona, kwaye iFed yayize ihlawule umdla kwiimfuno zebhanki. Ixabiso langoku lamanqanaba e-Fed libeka ithemba elizweni loqoqosho.
NgoNovemba 2008, i-Fed yaqaphela ukuba kuyadingeka ukunyusa ukunciphisa okuninzi. Yazisa ukuqaliswa kwezinto ezibizwa ngokuba yi-QE1. Le nkqubo yayiyizinto ezintsha. I-Fed yongeza ukuthenga okukhulu, ixabisa malunga neebhiliyoni ezingama-600 zamawaka, iziqinisekiso zokuxhaswa ngemali ekuthengeni rhoqo kwiiNondyebo. Ngomhla ka-Matshi 2009, i-Fed yayingaphezulu kokuphindaphinda kabini ukubanjwa kwayo kwebhanki, i-MBS, kunye neNondyebo amanqaku kwirekhodi eyi-1.75 trillion. Ngomnyaka kamva ngoJuni 2010, ukugcinwa kwe-Fed bekuphakamileyo, ukubeka irekhodi elitsha le-2.1 2.1 trillion. Ukucinga ukuba uqoqosho luya kubuya, i-Fed yabuyisela ekuthengeni. Ngo-Agasti, ubuyiselwe i-QE1. Yathenga iibhiliyoni ezingama-30 ngenyanga ngenyanga kwiiNondyebo zexesha elide njenge -note-year-year .
Ezinye iinkqubo ze-QE: QE1 | QE3 | Usebenziso lwe-Twist | QE4