央行两大最有效武器就是美联储的短期标售和用美元与国外央行互换额度。
Two of their most useful weapons are the Federal Reserve's Term Auction Facility (TAF) and swap lines providing foreign central Banks with dollars.
早前，美联储曾宣布将增加短期标售工具的规模，短期标售工具在去年12月建立，它给接受存款的银行提供一个月的贷款。
Earlier, the Fed had announced it was increasing the size of its Term Auction Facility (TAF), set up last December to supply one-month loans to deposit-taking Banks.
经济学家John Taylor和John Williams在其最新论文中指出，美联储近期推出短期资金标售（Term-Auction Facility）并未使货币市场状况有所缓和。
A recent paper*by John Taylor and John Williams, two economists, suggests that the Fed'srecently introduced Term-Auction Facility has not solved the money-marketsqueeze.
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