When there is no excess demand for cash, there will be no excess supply of the bonds and stocks that underpin and finance the economy’s productive capital. Thus, expansionary monetary policy via standard open-market operations by a central bank is the first item on the checklist of what to do in a financial crisis.
通过购买政府的债券来换取现金，中央银行可以满足公众的需求并把降低贷款的成本。当对现金的需求不在旺盛的时候，自然对债券和股票的需求也不会过于旺盛。因此，中央银行应对金融危机首要做的事情就是：扩张性的财政政策加上开放市场。