Background

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:

M0= () = M1 =+ ()

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: 2008 (FED) () 0%0.25%. ,FED(quantitative easing) . (2001) 2009.

. FED.

20089. 2010

FED FEDFED () (Quantitative Easing): ,(Credit Easing): ,(),

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2008QE?QE2: 201011, (9.6% ,,QE220116000QE2, .

2008QE?QE3: 20129, QE3400MBS) 2015

QE4: 201212, Fed 2013 450 9 400 MBS 6.5%2.5%

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: : : : : : 6 4445

12(FOMC)46 12() : 12

47