美联储非常规货币政策的效果及其对中国经济的影响研究-国民经济学专业毕业论文.docxVIP

首都经济贸易大学硕士学位论文 首都经济贸易大学硕士学位论文 《美联储非常规货币政策的效果及其对中国经济的影响研究》 文采用定量研究，实证分析非常规货币政策对中国跨境资金流动、房地产价 格的影响； 3)中国及亚太地区将长期受到美国货币政策外溢性的影响，加上这些国家 货币政策出现分化，低利率导致新兴市场国家的资本外流现象更加严重，论文最 后部分提出了加强国际货币协调的政策建议。 关键词：非常规货币政策 外溢性 资本监管 资产价格 lI 万方数据 AbstractFrom Abstract From November 2008 to may 20 1 3，the Federal Reserve implemented a total of four rounds of quantitative easing monetary policy，that is,unconventional monetary policy， to invested the market a large amount of liquidity．It achieved certain effect， simultaneously brought the spiliover effects on other emerging market countries． China is getting closer links with the United States in trade，money and financial aspects，SO the Fed’S unconventional monetary policy has a certain research significance． In this paper，we use the comparative and quantitative research methods to study the Fed‘S unconventional monetary policy．Contrasting approach is used to analyze the size and structure of Fed’S balance sheet，financial markets and macroeconomic conditions in the United States before and after the implementation of unconventional monetary policy?the following conclusiones are obtained：The implementation of unconventional monetary policy monetary policy brought the rapid expansion of the Fed’S balance sheet size and the change in its structure．It improved the liquidity of the money market，but it had limited role for the expansion of bank credit．American economic output and the employment market increased．Quantitative research methods of VAR model are used to analyze the Fed’S unconventional monetary policy on asset prices，the impact of short-term capital flows of China，the results show that the implementation of unconventional monetary policy will affact Chinese short-term capital inflows，real estate prices． This paper analyzed the theoretical basis of unconventional monetary policy， expounds the necessity of the implementation of the policy from tWO aspects of the ”liquidity trap”and”financial accelerator”，explains the spillover channels