欧洲中央银行与美联储利率政策实践及效果评价与分析

自1999年以来,欧洲中央银行和美联储频繁运用利率政策杠杆调控经济,他们的利率政策实践大体上经历了两个阶段:一是1999-2000年的逐步加息阶段。二是2001年以来的减息阶段,欧洲中央银行和美联储的货币政策目标不同,决策所面临的经济环境背景也不同。因此,尽管他们的利率政策走向大体上一致,但利率政策操作中体现的特点却不同,政策效果也不同。

The Practice of Rate Policy of the European Central Bank and the Central Bank of the U.S. , Effect Evaluation and Analysis

The European Central Bank and the Central Bank of the U. S. have regulated economy with the toll of interest rate policy since the nineties of 20th century. General speaking the interest rate policy of the two banks have experienced two stages : the first stage is from 1999 to 2000, in that period they gradually raised the interest rate; the second stage is since 2001 , in this period they have gradually lowered the interest rate. There have been difference in the goals of the monetary policy between the European Central Bank and the Central Bank of the U. S. , and there have been differences between the two banks in terms of the background of economic environment they faced as well. Therefore even they have been general unanimity in the direction of their interest rate policy , there are differences in the character of the operation of the interest rate policy between the two banks and there are difference in the effect of the policy too.