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\u8f6c\u8f7d\u81ea \u4e00\u6587\u8bf4\u5c3d\u7f8e\u8054\u50a8 – \u77e5\u4e4e (zhihu.com)<\/a><\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u7684\u8d44\u8d28<\/h2>\n\n\n\n

\u6839\u636e\u7f8e\u56fd\u6cd5\u5f8b\uff0c\u8054\u50a8(Federal Reserve)\u662f\u4e00\u4e2a\u72ec\u7acb\u673a\u6784\uff0c\u5e76\u4e0d\u662f\u8054\u90a6\u653f\u5e9c\u7684\u4e0b\u5c5e\uff0c\u6216\u8005\u7ec4\u6210\u673a\u6784\u3002
\u4ece\u6743\u529b\u6765\u6e90\u4e0a\u770b\uff0c\u8054\u50a8\u7531\u56fd\u4f1a\u6388\u6743\uff0c\u540c\u65f6\u53d7\u5230\u56fd\u4f1a\u7684\u76d1\u7763\u3002<\/p>\n\n\n\n\n\n\n\n

\u7f8e\u8054\u50a8\u7684\u6743\u529b\u7ed3\u6784<\/h2>\n\n\n\n


\u8054\u50a8\u91c7\u7528\u4e2d\u592e\u653f\u5e9c\u52a0\u975e\u8425\u5229\u6027\u673a\u6784\u7684\u53cc\u91cd\u7ec4\u7ec7\u7ed3\u6784\uff0c\u75311\u4e2a\u603b\u90e8\u548c12\u4e2a\u5206\u90e8\u7ec4\u6210\u3002
\u603b\u90e8\u53eb\u505a\u8054\u90a6\u50a8\u5907\u5c40\uff0c\u5c5e\u4e8e\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u4e0b\u9762\u7684\u4e00\u4e2a\u90e8\u95e8\u3002\u8054\u90a6\u50a8\u5907\u5c40\u7684\u7ba1\u7406\u5355\u4f4d\u662f\u8054\u50a8\u59d4\u5458\u4f1a(Federal Reserve Board of Governers)\uff0c\u6210\u5458\u67097\u4e2a\u4eba\u3002\u8fd97\u4e2a\u4eba\u7531\u603b\u7edf\u63d0\u540d\uff0c\u56fd\u4f1a\u5ba1\u6838\u5e76\u786e\u8ba4\uff0c\u4efb\u671f\u4e3a14\u5e74\u3002\u8fd97\u4e2a\u4eba\u7684\u4e0a\u4efb\u65f6\u95f4\u662f\u6309\u6bcf\u4e24\u5e74\u9519\u5f00\u7684\uff0c\u56e0\u6b647\u4eba\u5168\u90e8\u6362\u5b8c\u5171\u970014\u5e74\u3002\u53cd\u89c2\u7f8e\u56fd\u603b\u7edf\uff0c\u4ed6\u4eec\u7684\u6b63\u5e38\u4efb\u671f\u53ea\u67094\u5e74\uff0c\u5373\u4f7f\u8fde\u4efb\u4e5f\u5c318\u5e74\uff0c\u8fd9\u79cd\u5236\u5ea6\u5b89\u6392\u5927\u5927\u51cf\u8f7b\u4e86\u8054\u90a6\u653f\u5e9c\u5bf9\u7f8e\u8054\u50a8\u51b3\u7b56\u7684\u5f71\u54cd\u3002
12\u4e2a\u5206\u90e8\u540d\u53eb\u8054\u90a6\u50a8\u5907\u94f6\u884c\uff0c\u5206\u6563\u5728\u5168\u56fd12\u4e2a\u57ce\u5e02\uff0c\u662f\u975e\u8425\u5229\u975e\u5b98\u65b9\u7684\u79c1\u4eba\u673a\u6784\u3002\u6bcf\u5bb6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u90fd\u6709\u81ea\u5df1\u7684\u8463\u4e8b\u4f1a\uff0c\u8463\u4e8b\u4f1a\u6210\u5458\u591a\u4e3a\u8be5\u5730\u533a\u5185\u5927\u578b\u4f01\u4e1a\u7684CEO\u3001\u8457\u540d\u5927\u5b66\u7684\u6821\u957f\u7b49\u3002\u8463\u4e8b\u4f1a\u6210\u5458\u7684\u80cc\u666f\u8981\u6c42\u591a\u5143\u5316\uff0c\u4ee5\u514d\u88ab\u5c11\u6570\u884c\u4e1a\u548c\u4e2a\u4eba\u63a7\u5236\u3002\u8463\u4e8b\u4f1a\u8d1f\u8d23\u63d0\u540d\u8be5\u8054\u90a6\u50a8\u5907\u94f6\u884c\u7684\u4e3b\u5e2d\uff0c\u63d0\u540d\u9700\u8981\u83b7\u5f97\u8054\u90a6\u50a8\u5907\u5c40\u7684\u786e\u8ba4\u624d\u80fd\u751f\u6548\u3002
\u6700\u7ec8\uff0c\u4ee3\u8868\u4e2d\u592e\u653f\u5e9c\u76847\u4e2a\u4eba\u4e0e\u4ee3\u8868\u79c1\u8425\u4f01\u4e1a\u768412\u4e2a\u4eba\uff0c\u5171\u540c\u5546\u8ba8\u5e76\u5236\u5b9a\u8054\u50a8\u7684\u8d27\u5e01\u653f\u7b56\u3002<\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u7684\u804c\u8d23<\/h2>\n\n\n\n


\u8054\u50a8\u4f5c\u4e3a\u7f8e\u56fd\u7684\u592e\u884c\uff0c\u5176\u7ec8\u6781\u76ee\u6807\u662f\u7ecf\u6d4e\u7684\u957f\u671f\u7a33\u5b9a\u589e\u957f\u3002
\u6839\u636e\u8054\u50a8\u6cd5\u6848\uff0c\u7f8e\u8054\u50a8\u7684\u5177\u4f53\u76ee\u6807\u662f\u8c0b\u6c42\u201c\u5c31\u4e1a\u6700\u5927\u5316\uff0c\u5e73\u6291\u4ef7\u683c\uff0c\u548c\u9002\u4e2d\u7684\u957f\u671f\u5229\u7387\u201d(maximum sustainable employment, stable prices, and moderate long-term interest rates)\u3002\u5176\u4e2d\uff0c\u9002\u4e2d\u7684\u957f\u671f\u5229\u7387\u548c\u5e73\u6291\u4ef7\u683c\u6709\u5185\u5728\u56e0\u679c\u5173\u7cfb\uff0c\u53ef\u4ee5\u7b3c\u7edf\u5730\u79f0\u4e3a\u6291\u5236\u901a\u8d27\u81a8\u80c0\u3002\u56e0\u800c\u53ef\u4ee5\u8bf4\uff0c\u8054\u50a8\u7684\u4e24\u5927\u4efb\u52a1\uff0c\u662f\u6269\u5927\u5c31\u4e1a\uff0c\u4e0e\u6291\u5236\u901a\u80c0\u3002
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\u7f8e\u8054\u50a8\u7684\u8d44\u4ea7\u6765\u6e90<\/h2>\n\n\n\n


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\u7531\u4e8e\u79c1\u4eba\u94f6\u884c\u7684\u6574\u4f53\u5229\u76ca\u4e0e\u8054\u50a8\u7684\u804c\u8d23\u76f8\u5339\u914d\uff0c\u56e0\u6b64\u7531\u5b83\u4eec\u800c\u4e0d\u662f\u653f\u5e9c\u51fa\u8d44\u4e5f\u5408\u60c5\u5408\u7406\u3002\u6240\u4ee5\u8bf4\uff0c\u8054\u50a8\u7531\u79c1\u4eba\u94f6\u884c\u5165\u80a1\uff0c\u4f46\u5e76\u4e0d\u53d7\u79c1\u4eba\u94f6\u884c\u63a7\u5236\u3002<\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u4e0e\u8d22\u653f\u90e8\u7684\u6743\u529b\u8fb9\u754c<\/h2>\n\n\n\n


\u8054\u50a8\uff1a\u4f5c\u4e3a\u7f8e\u56fd\u7684\u592e\u884c\uff0c\u8d1f\u8d23\u7ba1\u63a7\u7ecf\u6d4e\u4f53\u7cfb\u4e2d\u7684\u8d27\u5e01\u603b\u91cf\u3002
\u8d27\u5e01\u4f9b\u7ed9 (Money Supply) \u5305\u62ec\u57fa\u7840\u8d27\u5e01(Monetary Base)\u548c\u4fe1\u7528(Credit)\u3002\u5176\u4e2d\uff0c\u57fa\u7840\u8d27\u5e01\u53c8\u5305\u62ec\u6d41\u901a\u4e2d\u7684\u73b0\u91d1\u548c\u94f6\u884c\u50a8\u5907\u91d1\uff08\u4e0b\u6587\u4f1a\u5177\u4f53\u4ecb\u7ecd\uff09\u3002<\/p>\n\n\n\n

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\u57fa\u7840\u8d27\u5e01\u53cd\u6620\u7684\u662f\u793e\u4f1a\u7684\u51c0\u8d44\u4ea7(Equity)\uff0c\u4ee3\u8868\u7684\u662f\u7ecf\u6d4e\u4f53\u7684\u73b0\u5b9e\u8d2d\u4e70\u529b\uff0c\u5373\u4eba\u4eba\u90fd\u4e0d\u6b20\u503a\u65f6\u7684\u8d2d\u4e70\u529b\u3002<\/p>\n\n\n\n

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\u6d41\u901a\u4e2d\u7684\u73b0\u91d1\uff08\u7eb8\u5e01\u548c\u786c\u5e01\uff09\u4f5c\u4e3a\u91d1\u878d\u4ea4\u6613\u7684\u7ebf\u4e0b\u51ed\u8bc1\uff0c\u5c3d\u7ba1\u6bd4\u4f8b\u6781\u5c0f\uff0c\u4f46\u4ecd\u7136\u6709\u9700\u6c42\u3002\u5f53\u533a\u57df\u5e02\u573a\u4e2d\u7684\u73b0\u91d1\u6d41\u901a\u6027\u4e0d\u591f\u3001\u6216\u8005\u73b0\u91d1\u51fa\u73b0\u635f\u574f\u9700\u8981\u66ff\u6362\u65f6\uff0c\u5f53\u5730\u7684\u8054\u90a6\u50a8\u5907\u94f6\u884c\u4fbf\u53ef\u5411\u8d22\u653f\u90e8\u63d0\u51fa\u5370\u949e\u7533\u8bf7\u3002\u7edd\u5927\u90e8\u5206\u7684\u65b0\u949e\u662f\u4e3a\u4e86\u66ff\u6362\u7834\u635f\u7684\u65e7\u949e\uff0c\u8fd9\u4e2a\u6bd4\u4f8b\u57282018\u5e74\u662f75%\u3002\u8054\u50a8\u94f6\u884c\u5728\u63d0\u51fa\u5370\u949e\u7533\u8bf7\u65f6\uff0c\u9700\u8981\u62ff\u51fa\u7b49\u503c\u7684\u8d44\u4ea7\u4f5c\u4e3a\u62b5\u62bc\u3002\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u8054\u50a8\u94f6\u884c\u7684\u8d26\u6237\u4e0a\u539f\u6765\u6709500\u4e07\u7f8e\u5143\uff0c\u73b0\u5728\u63d0\u51fa200\u4e07\u7684\u5370\u949e\u7533\u8bf7\uff0c\u5b83\u5c31\u9700\u8981\u628a\u8fd9\u7b14\u94b1\u4ece\u8d26\u6237\u4e0a\u8f6c\u7ed9\u8d22\u653f\u90e8\uff0c\u7136\u540e\u8d22\u653f\u90e8\u5728\u6bcf\u5370\u4e00\u5f20\u7f8e\u949e\u65f6\u5c31\u4ece\u8d26\u6237\u4e2d\u51cf\u53bb\u76f8\u5e94\u7684\u9762\u503c\uff08\u5373\u7ebf\u4e0a\u8f6c\u7ebf\u4e0b\uff0c\u6216\u8005\u8bf4\u201c\u7535\u5b50\u5316\u201d\u8f6c\u201c\u5b9e\u4f53\u5316\u201d\uff09\uff0c\u6700\u7ec8\u8d22\u653f\u90e8\u628a\u73b0\u949e\u4ea4\u7ed9\u8054\u50a8\u94f6\u884c\uff0c\u8054\u50a8\u94f6\u884c\u7684\u8d44\u4ea7\u53d8\u6210\u4e86300\u4e07\u7684\u7535\u5b50\u4f59\u989d\u548c200\u4e07\u7684\u73b0\u949e\u3002\u5bf9\u5e94\u7684\uff0c\u5f53\u7834\u635f\u7684\u65e7\u949e\u88ab\u56de\u6536\u65f6\uff0c\u8054\u50a8\u94f6\u884c\u628a\u65e7\u949e\u4ea4\u7ed9\u8d22\u653f\u90e8\uff0c\u8d22\u653f\u90e8\u628a\u7b49\u503c\u7684\u91d1\u989d\u6253\u5230\u8054\u50a8\u94f6\u884c\u7684\u8d26\u53f7\u4e0a\u3002\u4ece\u4e0a\u9762\u7684\u5206\u6790\u53ef\u4ee5\u770b\u51fa\uff0c\u8054\u50a8\u7684\u5370\u949e\u7533\u8bf7\uff0c\u5e76\u4e0d\u589e\u52a0\u8d27\u5e01\u7684\u603b\u91cf\uff0c\u5b83\u53ea\u662f\u628a\u8d27\u5e01\u4ece\u4e00\u4e2a\u5f62\u5f0f\u8f6c\u6362\u6210\u4e86\u53e6\u4e00\u4e2a\u5f62\u5f0f\uff0c\u56e0\u6b64\u5e76\u4e0d\u4f1a\u5f15\u8d77\u901a\u8d27\u81a8\u80c0\u3002
\u6ce8\uff1a\u6211\u4eec\u5e73\u65f6\u4fd7\u79f0\u7684\u201c\u592e\u884c\u5370\u949e\u201d\uff0c\u5176\u5b9e\u5e76\u4e0d\u662f\u771f\u7684\u5370\u5236\u949e\u7968\uff0c\u800c\u662f\u592e\u884c\u901a\u8fc7\u8d27\u5e01\u653f\u7b56\u589e\u52a0\u4e86\u5e02\u573a\u4e2d\u7684\u8d27\u5e01\u4f9b\u7ed9\u3002\u800c\u771f\u6b63\u7684\u201c\u5370\u949e\u201d\uff0c\u5219\u662f\u4e3a\u7b49\u503c\u7684\u8d44\u4ea7\u63d0\u4f9b\u62b5\u62bc\u51ed\u8bc1\uff0c\u4ece\u800c\u8ba9\u4e70\u5356\u53cc\u65b9\u5728\u201c\u79bb\u7ebf\u201c\u4ea4\u6613\u540e\uff0c\u5356\u65b9\u53ef\u4ee5\u62ff\u51ed\u8bc1\u6362\u56de\u76f8\u5e94\u7684\u8d44\u4ea7\u3002
\u8d22\u653f\u90e8\uff1a\u4f5c\u4e3a\u8054\u90a6\u653f\u5e9c\u7684\u4e00\u90e8\u5206\uff0c\u8d1f\u8d23\u7a0e\u6536\u548c\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u3002
\u8054\u90a6\u653f\u5e9c\u4ee5\u7a0e\u6536\u4e3a\u4e3b\u8981\u6536\u5165\uff0c\u5f53\u5165\u4e0d\u6577\u51fa\u65f6\uff0c\u8d22\u653f\u90e8\u53ef\u4ee5\u901a\u8fc7\u53d1\u884c\u56fd\u503a\u7684\u65b9\u5f0f\u7b79\u6b3e\uff0c\u4f46\u503a\u52a1\u989d\u5ea6\u53d7\u5230\u56fd\u4f1a\u7684\u9650\u5236\u3002
\u540c\u65f6\uff0c\u8d22\u653f\u90e8\u5728\u63a5\u53d7\u5230\u8054\u50a8\u7684\u5370\u949e\u7533\u8bf7\u540e\uff0c\u6279\u51c6\u5e76\u5177\u4f53\u6267\u884c\u5370\u949e\u94f8\u5e01\u7684\u5de5\u4f5c\u3002<\/p>\n\n\n\n

\u6743\u529b\u5bf9\u6bd4<\/h2>\n\n\n\n

\u8054\u50a8\u6709\u7533\u8bf7\u5370\u949e\u7684\u6743\u5229\uff0c\u4f46\u6ca1\u6709\u4e0b\u4ee4\u5370\u949e\u7684\u6743\u529b\uff1b
\u8d22\u653f\u90e8\u6709\u6279\u51c6\u5370\u949e\u7684\u6743\u529b\uff0c\u62c5\u6ca1\u6709\u63d0\u51fa\u7533\u8bf7\u7684\u6743\u5229\uff1b
\u8054\u90a6\u653f\u5e9c\u6709\u7533\u8bf7\u501f\u94b1\uff08\u5373\u53d1\u552e\u56fd\u503a\uff09\u7684\u6743\u5229\uff0c\u4f46\u6ca1\u6709\u5f3a\u4ee4\u8054\u50a8\u8ba4\u8d2d\u7684\u6743\u529b\u3002
\u8bf4\u5230\u5e95\uff0c\u6743\u529b\u7684\u4e2d\u5fc3\u662f\u56fd\u4f1a\uff0c\u5373\u56fd\u5bb6\u7684\u4eba\u6c11\uff0c\u5404\u4e2a\u673a\u6784\u53ea\u662f\u62e5\u6709\u56fd\u4f1a\u7684\u67d0\u65b9\u9762\u6388\u6743\u800c\u5df2\u3002<\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u7684\u5e72\u9884\u624b\u6bb5<\/h2>\n\n\n\n


\u8054\u50a8\u7684\u8d27\u5e01\u653f\u7b56\u5de5\u5177\u4e3b\u8981\u6709\u4e09\u4e2a\uff1a\u516c\u5f00\u5e02\u573a\u64cd\u4f5c(Open Market Operation)\u3001\u8c03\u6574\u8d34\u73b0\u7387(Discount Rate)\u548c\u8c03\u6574\u50a8\u5907\u91d1\u7387(Reserve Requirement)\u3002<\/p>\n\n\n\n

\u50a8\u5907\u91d1\u7387<\/h2>\n\n\n\n


\u6309\u7167\u8054\u50a8\u7684\u8981\u6c42\uff0c\u94f6\u884c\u6bcf\u5438\u6536\u4e00\u7b14\u5b58\u6b3e\uff0c\u5c31\u8981\u6309\u67d0\u4e00\u6bd4\u7387\u5c06\u5176\u4e2d\u4e00\u90e8\u5206\u4e0a\u4ea4\u8054\u50a8\uff0c\u6210\u4e3a\u50a8\u5907\u91d1\u3002\u4e0a\u4ea4\u50a8\u5907\u91d1\u540e\uff0c\u5269\u4f59\u7684\u5b58\u6b3e\u53ef\u4ee5\u4f5c\u4e3a\u8d37\u6b3e\u653e\u51fa\u3002\u8d37\u6b3e\u653e\u51fa\u540e\u5982\u679c\u53c8\u6d41\u5165\u94f6\u884c\uff08\u6bd4\u5982\u62ff\u4e86\u8d37\u6b3e\u7684\u5f20\u4e09\u4e70\u4e86\u674e\u56db\u7684\u4e1c\u897f\uff09\uff0c\u94f6\u884c\u8981\u518d\u6b21\u6309\u6bd4\u4f8b\u4e0a\u4ea4\u50a8\u5907\u91d1\uff0c\u7136\u540e\u624d\u80fd\u518d\u80fd\u8d37\u6b3e\u3002\u6700\u7ec8\u94f6\u884c\u6240\u8d37\u51fa\u7684\u94b1\u8fdc\u5927\u4e8e\u6700\u521d\u7684\u5b58\u6b3e\u91cf\uff0c\u8fd9\u5c31\u662f\u6240\u8c13\u7684\u4fe1\u7528\/\u8d27\u5e01\u521b\u9020\u3002\u6bcf\u6b21\u6536\u5230\u5b58\u6b3e\u4e0a\u4ea4\u7684\u6bd4\u7387\u53eb\u50a8\u5907\u91d1\u7387\uff0c\u7531\u8054\u50a8\u51b3\u5b9a\uff0c\u76ee\u524d\u4e3a10%\u3002
\u50a8\u5907\u91d1\u7387\u51b3\u5b9a\u4e86\u94f6\u884c\u6240\u80fd\u521b\u9020\u7684\u8d37\u6b3e\u4e0a\u9650\u3002\u5bf9\u4e8e10%\u7684\u50a8\u5907\u91d1\u7387\u800c\u8a00\uff0c\u94f6\u884c\u53ef\u4ee5\u5728\u4e00\u6b21\u6b21\u5b58\u8d37\u8fc7\u7a0b\u4e2d\u6700\u7ec8\u8d37\u51fa9\u500d\u4e8e\u6700\u521d\u5b58\u6b3e\u91cf\u7684\u94b1\uff0c\u52a0\u4e0a\u6700\u521d\u7684\u5b58\u6b3e\u672c\u8eab\u6b63\u597d\u662f10\u500d\u3002\u8fd9\u91cc\u768410\u500d\u5c31\u662f\u8d27\u5e01\u4e58\u6570(Money Multiplier)\u3002\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u770b\uff0c\u8d27\u5e01\u7684\u603b\u4f9b\u7ed9\u91cf\u5c31\u7b49\u4e8e\u50a8\u5907\u91d1\u4e0e\u8d27\u5e01\u4e58\u6570\u4e4b\u79ef\u3002\u73b0\u4ee3\u7ecf\u6d4e\u4f53\u7cfb\u4e2d\uff0c\u4e2d\u592e\u94f6\u884c\uff08\u94f6\u884c\u7684\u94f6\u884c\uff09\u5c31\u662f\u901a\u8fc7\u8fd9\u4e24\u4e2a\u8981\u7d20\u6765\u7ba1\u63a7\u8d27\u5e01\u4f9b\u7ed9\u7684\u3002
\u8c03\u6574\u50a8\u5907\u91d1\u7387\u8fd9\u62db\u7528\u5f97\u5f88\u5c11\uff0c\u5c3d\u7ba1\u5b83\u7684\u6f5c\u5728\u5a01\u529b\u5f88\u5927\u3002<\/p>\n\n\n\n

\u8c03\u6574\u8d34\u73b0\u7387<\/h2>\n\n\n\n


\u94f6\u884c\u5728\u6bcf\u65e5\u7ed3\u7b97\u65f6\uff0c\u5982\u679c\u624b\u5934\u4e0a\u6ca1\u6709\u8db3\u591f\u7684\u8d44\u91d1\u6ee1\u8db3\u8054\u50a8\u5bf9\u50a8\u5907\u91d1\u7684\u8981\u6c42\uff0c\u5c31\u9700\u901a\u8fc7\u501f\u94b1\u7684\u65b9\u5f0f\u6765\u8fbe\u6807\u3002\u94f6\u884c\u65e2\u53ef\u4ee5\u627e\u5176\u4ed6\u94f6\u884c\u501f\uff0c\u4e5f\u53ef\u4ee5\u627e\u8054\u50a8\u501f\u3002\u524d\u8005\u7684\u5229\u606f\u8f83\u4f4e\uff0c\u56e0\u6b64\u4f7f\u7528\u5f97\u66f4\u52a0\u9891\u7e41\uff0c\u800c\u5f53\u5176\u4ed6\u94f6\u884c\u4e5f\u6ca1\u94b1\u53ef\u501f\u65f6\uff0c\u94f6\u884c\u53ea\u80fd\u5411\u8054\u50a8\u501f\uff0c\u5229\u606f\u76f8\u5bf9\u524d\u8005\u8f83\u9ad8\u3002
\u94f6\u884c\u95f4\u7684\u8d37\u6b3e\u5229\u7387\u53eb\u505a\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff0c\u7531\u8054\u90a6\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u8bbe\u5b9a\u76ee\u6807\u8303\u56f4\uff0c\u518d\u901a\u8fc7\u4e70\u5356\u503a\u5238\u7684\u65b9\u5f0f\u6765\u8c03\u6574\uff08\u5177\u4f53\u89c1\u4e0b\u6587\uff09\u3002\u800c\u8054\u50a8\u5411\u94f6\u884c\u8d37\u6b3e\u7684\u5229\u7387\u53eb\u505a\u8d34\u73b0\u7387(Discount Rate)\uff0c\u7531\u8054\u50a8\u59d4\u5458\u4f1a\u76f4\u63a5\u8bbe\u5b9a\uff0c\u4e00\u822c\u6bd4\u524d\u8005\u9ad8\u4e00\u4e2a\u767e\u5206\u70b9\u3002
\u8c03\u6574\u8d34\u73b0\u7387\u8fd9\u62db\u4f7f\u7528\u5f97\u4e5f\u4e0d\u591a\uff0c\u5b83\u66f4\u591a\u662f\u968f\u7740\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u6539\u53d8\u800c\u76f8\u5e94\u8c03\u6574\u3002<\/p>\n\n\n\n

\u516c\u5f00\u5e02\u573a\u64cd\u4f5c<\/h2>\n\n\n\n


\u4e4b\u524d\u63d0\u5230\uff0c\u94f6\u884c\u5982\u679c\u56e0\u4e3a\u8fc7\u5ea6\u653e\u8d37\u800c\u6ca1\u6709\u8db3\u591f\u8d44\u91d1\u6ee1\u8db3\u50a8\u5907\u91d1\u8981\u6c42\uff0c\u5b83\u7684\u7b2c\u4e00\u9009\u62e9\u662f\u5411\u5176\u4ed6\u94f6\u884c\u501f\u3002\u7f8e\u56fd\u5404\u5bb6\u94f6\u884c\u95f4\u7684\u540c\u4e1a\u62c6\u501f\u5229\u7387\uff08\u9694\u591c\u8d37\u6b3e\u7684\u5229\u7387\uff09\u53c8\u79f0\u8054\u90a6\u57fa\u91d1\u5229\u7387(Federal Funds Rate)\uff0c\u5b83\u4ee3\u8868\u7684\u662f\u77ed\u671f\u5e02\u573a\u7684\u5229\u7387\u6c34\u5e73\u3002\u4ece\u7406\u8bba\u4e0a\u8bf4\uff0c\u53ea\u8981\u8054\u50a8\u80fd\u591f\u6539\u53d8\u5404\u4e2a\u94f6\u884c\u7684\u73b0\u91d1\u6c34\u5e73\uff0c\u5c31\u80fd\u6539\u53d8\u4ed6\u4eec\u7684\u62c6\u501f\u6210\u672c\uff0c\u4ece\u800c\u53d8\u76f8\u8c03\u6574\u94f6\u884c\u7684\u8d37\u6b3e\u91cf\uff0c\u5373\u4fe1\u7528\/\u8d27\u5e01\u521b\u9020\u7684\u989d\u5ea6\u3002
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\u7f8e\u8054\u50a8\u7684\u8d44\u4ea7\u7ba1\u7406<\/h2>\n\n\n\n


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\u7f8e\u8054\u50a8\u7684\u56f0\u5883<\/h2>\n\n\n\n


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\u8fd1\u671f\u56f0\u5883<\/h2>\n\n\n\n


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\u957f\u671f\u56f0\u5883<\/h2>\n\n\n\n


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