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联邦储备(简称联储)体系建立的目的之一在于控制商业银行与纽约证券市场之间的资金供应关系,但是,20世纪20年代的联储在种种矛盾与现实压力下,基本上奉行了廉价货币政策,结果使得这个目标难以实现,也使联储与1929年的股市崩溃及后来的大萧条难以脱开干系。
One of the purposes of establishing the Federal Reserve System was to control the supply of funds between the commercial banks and the New York stock market. However, under the pressure of various contradictions and realities, the Federal Reserve in the 1920s practiced basically the cheap monetary policy , The result makes this goal difficult to achieve, but also to the Federal Reserve and the stock market crash in 1929 and the subsequent Great Depression is difficult to get out of touch.