A Research On Basic Experiences Of The United States Controlling Assets Prices: 1980-2008

Since 1980's, there are four large fluctuations of assets prices occurred in the United States. The causes and the ways of these fluctuations are different. Until now, the first three have been resolved successfully. While the Sub prime Mortgage Crisis has developed into a financial crisis all over the globe and it has not been stopped yet.This paper studies the experiences of the United States controlling the large fluctuations of assets prices from the angle of the four large fluctuations of assets prices itself and the angle of the government to analyze the controlling policies of the four large fluctuations trying to study the law of these policies.First of all, this article combed the theories of controlling the volatility of assets prices; Second, it discribes the four large fluctuations of assets prices of the United States in details and analyzes the policies and measures which were taken to control these large fluctuation from multi-angle; Third, a comparative analysis of features, causes, methods , solutions process and policy of the U.S. large fluctuations of assets prices is made, to explore the experiences of controlling the large fluctuations of asset prices in the United States. Finally, a comparative analysis of characteristics of fiscal policy and monetary policy taken by the last five U.S. governments to control large fluctuations of assets prices are made, and the successful experiences are analyzed. Through the above analysis ,the following conclusions were made: first, large fluctuations of asset prices can be controlled; second, the disastrous consequences caused by the large fluctuations of asset prices in U.S. is getting smaller and smaller, but the scope that the large fluctuations of assets prices affected is getting larger and larger; third, fiscal policy and monetary policy are the major control measures and the tax policy in fiscal policy and the interest rate policy are the most important tools in controlling large fluctuations of asset prices of the United States; forth, when controlling the large fluctuations of assets prices, fiscal policy and monetary policy used in conjunction by the government are different from the long-term using of fiscal and monetary policies; the effect and the controlling methods of the large fluctuations of assets prices in U.S. is more and more international; the nature of the controlling methods made by U.S. government to control large fluctuations of assets prices,is changing economic situation and economic policy domestic and international; In the current, the Sub prime Mortgage Crisis is not over yet, we need to study controlling of volatilities of assets prices from the globe, in order to obtain some useful enlightenment.