1、引言八十年代反常的高实际利率与上升的联邦赤字结合在一起,近年来曾刺激了许多研究者去寻找理由来解释这种脱离常规。最近,联邦储备委员会决策者们在认识到了M1 和 M2两者的流通速度已变得更为易变或不稳定后已对监督名义和实际利率的行为给予了一些注意。尽管联储仍然密切地注视着货币总合量和别的变量的增长,实际利率已变成联储重要的货币政策目标之一。 1. INTRODUCTION The combination of unusually high real interest rates in the 1980s and the rising federal deficit has stimulated many researchers in recent years to find reasons to explain this departure from the convention. More recently, Federal Reserve Board policy makers have paid some attention to monitoring nominal and real interest rates after recognizing that the velocity of both M1 and M2 has become more fluid or volatile. Although the Federal Reserve is still closely watching the growth of monetary aggregates and other variables, real interest rates have become one of the major monetary policy goals of the Federal Reserve.