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危机后持续多年的宽松货币环境,使美国经济呈现出脱实向虚的倾向,主要体现在公司部门实体投资疲软,转而利用债务杠杆,通过金融手段来提升股东价值。在宏观经济调控中,中央银行通过实施适当的货币政策,调节指导市场投融资行为,将利率变动影响传导至实体经济,以实现稳定物价、充分就业和金融稳定等一系列目标。从美国情况来看,2008年金融危机后,美联储采用了极度宽松的货币政策,大幅增加金融市场的流动性、降低债务成本,以期促进投
The loose monetary environment, which lasted for many years after the crisis, has given the U.S. economy a tendency of derealization. This is mainly reflected in the weak investment in the corporate sector entities, the switch to debt leverage and the enhancement of shareholders’ value through financial means. In the macroeconomic regulation and control, the Central Bank adjusted and guided the investment and financing activities in the market through the implementation of appropriate monetary policies to transfer the impact of interest rate changes to the real economy so as to achieve a series of goals of stabilizing prices, full employment and financial stability. From the perspective of the United States, following the financial crisis in 2008, the Federal Reserve adopted an extremely loose monetary policy that significantly increased the liquidity of financial markets and lowered the cost of debt so as to promote investment