量化宽松货币政策的影响差异及应对策略分析

Different Effect of Quantitative Easing Monetary Policy and the Coping Strategy

通过分析金融危机后美国等发达国家实施量化宽松货币政策的措施和影响差异的表现,指出货币乘数下降及货币政策溢出效应严重影响了量化宽松货币政策的实施效果,美元本位制及贸易生产全球化也降低了发达国家的通胀压力。在总结部分国家采取的应对措施的基础上,提出中国应对量化宽松货币政策的建议,即适度推动人民币名义汇率升值、加强短期资本流入管制、采取"紧货币、宽财政"的宏观经济政策、积极参与G20等国际货币政策协调机制。

By analyzing the easing monetary policy, such as multiplier decline and leakage measures and different effects of developed countries＇ quantitative the U. S after the financial crisis, the authors indicates that money effect of monetary policy seriously influence the effectiveness of quantitative easing monetary policy. Dollar standard system, trade and production globalization de- crease the inflation pressure of developed countries. Based on the summary of coping measure of some countries, suggestions on coping with quantitative monetary policy of China are proposed, such as appropriate promotion of RMB＇s nominal exchange rate appreciation, strengthening short - term capital inflow regulation, easing financial policy＂, and mechanism of G20. taking the macro -economic policy of ＂tight monetary policy, and actively participating international monetary policy coordination