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一、引言美国政府债务从上世纪80年代开始扩张,进入新世纪后迅速膨胀。此次国际金融危机爆发后,全球主要经济体都不遗余力地实施了救助,处于风暴眼中的美国更是不惜一切代价救市。从货币政策来看,先是不断下调联邦基金目标利率,从5.25%降至0-0.25%,并从2008年11月开始陆续推出三轮量化宽松货币政策。从财政政策来看,奥巴马上台后实施了一系列新政,主要包括一系列增支、一篮子减税、大规模金融救助和三项改革。①大规模救市在一定程度上起到了拯救美国金融业的作用,但由于政府一方面支出大规模增加,另一方
I. Introduction The U.S. government debt has expanded since the 1980s and expanded rapidly after entering into the new century. After the outbreak of the international financial crisis, all the major economies in the world have spared no effort to rescue them. The United States in the eye of the storm is even more bailout at any cost. From a monetary policy point of view, first keep the federal funds target rate down from 5.25% to 0-0.25%, and from November 2008 onwards launched three rounds of quantitative easing monetary policy. From a fiscal policy point of view, Obama came into office after the implementation of a series of New Deal, including a series of incremental spending, a basket of tax cuts, large-scale financial aid and three reforms. ① Large-scale rescue has played a role in saving the U.S. financial industry to a certain extent. However, due to the large-scale increase in government expenditures, the other side