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标题：The Liquidity Trap: An Alternative Explanation for Today's Low Inflation
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作者：Maria A. Arias ; Yi Wen
期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2014
出版社：Federal Reserve Bank of St. Louis
摘要：rom Januar y 2009 to December 2013, the Feder al Reserve's bala nce sheet grew by approximately $3.5 trillion due to the la rge-scale asset purchase (LSAP) policies implemented to aid the ailing economy after the Great Recession. These unconventional monetary policies, also known as quantita- tive easing (QE), increased credit availabil- ity in the private lend ing markets and put downward pressure on real interest rates. During normal times, for each 1 percent increase in the growth of money, infla- tion increases by 0.54 percent, based on a linea r regression of the inflat ion rate on money growth for the precrisis period . 1 Money supply (M0) increased 40.29 percent between December 2008 and December 2013, or about 8 percent per year on average. Under this pace of annual money growth, we would have seen inflation of 4.3 percent per year, or a price level increase of at least 40 percent in 2013 compared with the price level in 2008. 2 But this d id not happen