1139 2008 9 2008 9 FRB : Federal Reserve Board FRB FRB
1140 1 2008 9 1 1999 2013 Bureau of Economic Analysis, Survey of Current Bunisess, International Data http : //www.bea.gov. 2014 8 10
1141 2000 1 2007 2008 9 1 1993 2006 2008 24 28
1142 8000 DGP 6 2 ASEAN 2 2002 2003 FRB EU 2001 ECB : European Central Bank ECB 2000 2004 FRB Bureau of Economic Analysis, Survey of Current Business S.C.B. U.S. International Transactions Accounts Data
1143 2 R. 1990 IT R. 3 2008 9 2006 2 2006 4 2006 5 2007 2008 0.2 2007 6 3 2007 2 S&P 96 95 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 6 12 S&P Dow Jones indices http : //www.djindexes.com/ 2014 9 21 R. 2001 U.S. Department of Commerce, United States Census, New Residential Construction Data 2012 8 20 2009 34 1 2 1 7 1 2 1 8 2009 35
1144 3 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 03 04 05 06 07 08 09 10 11 12 13 Bureau of Labor Statistics, Database 2000 ICT Residential 7 Mortgage Backed Security, RMBS Collateralized 8 Debt Obligation, CDO MBS ABS, Asset Backed Securities MBS ABS ABS!
1145 2008 3 9 17 2008 25 2009 140 9 10 2007 GDP 12 2001 3 2008 9 4 2007 2008 2009 4.5 4 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 06 07 08 09 10 11 12 13 Board of Governors of Federal Reserve System, Economic Reserci and Data http : //www.federalreserve.gov/ 2014 9 21! CDO 2009 10 http : //www.fdic.gov/fdic, Indusutry Analysis, Failed Bank List, 2012 8 20 2014 4 13
1146 1 2008 9 AIG 850 AIG 79.9 11 1230 2008 10 3 TARP : Troubled Assets Relief Program CDO 14 EESA : Emergency Economic Stabilization Act TARP 9 1250 FRB FRB 2008 10 7 CP 2007 CP 1 8000 180 CP GE 10 14 FDIC TLGP GE GE 1260 13 FDIC GE 2008 11 11 360 29 2008 12 GM GMAC 50 CIT FRB Federal Fund Rate FF 1998 1998 1999 1997
1147 2009 1 2 FRB FDIC FRB 2008 10 TARP 7000 TARP 2009 3 2008 10 95 5,900 3,000 AIG, CIT 3,600 51 GM 1,949 Public Private Investment Fund 09 3 23 1,000 12 2 FRB FRB FRB FRB FRB FF 13 2009 5 7 FRB 4 2013 95 96
1148 FRB 3 FRB FRB i FRB FRB 2008 3 J. P. 11 FRB 2009 3 FRB 2008 9 19 FRB AMLF Asset Backed Commercial Paper ABCP Money Market Fund MMMF Liquidity Facility MMF ABCP : Asset Backed Commercial Paper FRB MMF MMF 10 7 FRB CP CPFF, Commercial Paper Funding Facility 27 CP SPV SPV 3 CP ABCP 2010 4 CPFF 7390 MMF FRB MMF 10 21 MMIFF, Money Market Investor Funding Facility 11 24 MMIFF 7 90 CP MMF 14
1149 FRB 2008 11 FRB TALF, Term Asset-Backed Security Loan Facility TALF ABS TALF ABS ABS FRB TALF 5 ABS FRB AAA ABS 15 ABS 2008 9 10 ABS AAA ABS SBA FRB 2008 11 TALF 2009 3 TALF 2010 6 CMBS Commercial Mortgage Backed Securities 2010 3 TALF TALF 2010 2 2900 16 FRB MMF FRB QE : Quantitative Easing 17 2009 14 Federal Reserve Board, Board of Governor of the Federal Reserve System B. G. F. R. S Press Release, Date : November 25, 2008 http : //www.federalreserve.gov/newsevents/press/monetary/20081125a. htm. 2014 9 22 2013 194 FRB B. G. F. R. S, news and events, 2014 9 25 2013 105
1150 FRB 2001 2006 credit easing FRB 2008 9 FF 2009 3 FRB FOMC 1951 RMBS 18 1 2010 11 3000 2009 3 2010 11 QE2 Large-Scale Asset Purchase Programs, LSAP 2011 6000 QE2 2009 1 QE FRB 2011 9 3 2012 9 QE 3 FRB 5 FRB 2007 2008 FRB 2008 9 FBR 9 12 2009 3 19 FOMC MBS FRB FF 2008 9 17 2.25 9 24 1.54 10 15 10.96 FRB B. G. F. R. S, Economic Research & Data, Selected Interested Rates, FF rate. All Liquidity FacilitiesTerm Auction credit-frb Primary dealer credit facility 19 Primary credit, Secondary credit, Seasonal credit, Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, Term Asset-Backed Securities Loan Facility, Commercial Paper Funding Facility, central bank liquidity swaps.
1151 10 3500 3000 5 FRB 2500 2000 1500 1000 500 0 5 2 11 8 5 2 11 8 5 2 11 8 5 2 11 8 5 2 11 07 08 09 10 11 12 Federal Reserve Board, Data Base Http : //w.w.w.federalreserve gov/ 2013 8 20 1 20 2 MBS 21 2010 157 2010 162
1152 FRB FRB 22 3 FRB FRB FRB FRB FRB 23 1 2007 8 FF FF 3 17 FRB JP 300 3 2008 4 2 Dungan, R., 2012 p.74.
1153 6 FF 04 06 07 08 09 10 11 12 13 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 10 7 4 1 05 Board of the Federal Reserve System, Economi Research and Data. http : //www. federalreserve.gov/ 10 20 6 2008 5 FF FRB FF FRB 1 2008 6 RMBS 8 7 9 FRB Agency MBS Credit Easing FF 2009 3 2011 5 12000 S&P 2000 1 100 2006 6 190 2009 3 2012 3 2 FRB
1154 7 30 9 6 3 12 9 6 3 12 9 6 3 12 9 6 3 12 9 6 3 12 9 6 3 12 9 6 3 12 9 6 3 06 07 08 09 10 11 12 13 Board of the Federal Reserve System, Economic Research and Data MMF FRB 2 TARP EESA 2009 8 9 2013 5 16 7000 1620 2014 6 FRB 44.1 33.4 6.5 2.9 24 2007 3 FRB 51.7 24.8 FRB FRB Bureau of the Fiscal Service, Treasury Bulletin, Ownership of Federal Securities http : //www.fiscal.treasury. gov/fsindex.htm. 2014 9 22
1155 8 Bureau of the Fiscal Service, treasury of Bulletin, data base. 9 Bureau of Fiscal Service, treasury of Bulletin. FRB
1156 FRB FRB 2010 ECB 2012 6 OMT, Outright Monetary Transaction 2000 2012 EU 10 2008 9 2009 3 10 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 9 5 1 01 02 03 04 05 06 07 08 09 10 11 12 13 14 1 2 Board of Governer of Federal Reserve Systme, Eoconomic Research & Data Exchange rate-h.10 http : //www.federalreserve.gov/whatsnext.htm 2014 9 22
1157 3 2007 2009 2006 2008 2009 2007 1 100 2008 1 100.5 2008 9 92.5 2009 8 85.4 4 2007 2007 12 5 2009 10 10 1 3 16 2014 6.5 5.4 11 7.3 25 1 Bureau of Labor Statistics, Labor Force Statistics from the current population Survey, Household data not seasonally adjusted quarterly averages E-16, umemployment rates by age, sex, race, and Hispanic or Latino ethnicity http : //www.bls.gov/web/empsit/cpsee_e16.htm, 2014 9 22
1158 1408 1273 1002 957 26 4 2 220 2000 3500 2013 4600 2000 10 120 2014 27 14.5 18 19.5 5 1 11 OECD, Stat Extrats, Labour Income Shares Ratios http : //stats.oecd.org/ 2014 9 26 Bureau of Labor Statistics, Earnings and employment by occupation, race, ethnicity, and sex, 2010 http : // www.bls.gov/web/empsit/cpsee_e16.htm. 2014 9 22 Income and Poverty in the United States : 2013, Figure 4, Number of poverty and poverty rate, p.12 https : // www.census.gov/hhes/www/poverty/publications/pubs cps.html. 2014 9 26
1159 11 MMF 2009 5 2013 2013 FRB 2009 36 2014 4 2008 R. J. 2001 2010 Bureau of Economic Analysis, Survey of Current Business, various issues. Bureau of the Fiscal Service, Treasury Bulletin, Ownership of Federal Securities. Bureau of Labor Statistics, Earnings and employment by occupation, race, ethnicity, and sex, 2010. Dungan, R., 2012. The New Depression, The Breakdown of the Power Monetary Economy, John Wiley & Sons Singapore Pte. Ltd. Federal Reserve Board, Board of Governor of the Federal Reserve System, Press Release, Data. U. S. Department of Commerce, United States Census, New Residential Construction.