美国量化宽松货币政策对中国经济影响的实证研究

An Empirical Study of the Impact of the US Quantitative Easing Monetary Policy on China's Economyy

通过选取相关量化指标建立VAR模型,研究美国量化宽松货币政策对中国经济的影响.研究显示,美国量化宽松货币政策主要通过汇率机制和利率机制等传导机制来影响中国的宏观经济.通过实证分析得出,由于中国较为谨慎的金融制度,使得传导机制效果减弱,并有效地避开了美国量化宽松货币政策的影响.

To study the quantitative easing monetary policy in the United States on Chinese economy there needs the combination of theoretical and empirical.The main empirical method for this paper is the establishment of the VAR model by selecting the relevant quantitative index. The study showed that the quantitative easing monetary policy in the United States was mainly through the exchange rate mechanism and interest rate mechanism and other transmission mechanisms which can affect Chi- ngs macroeconomy.The empirical results showed that,due to China＇s relatively cautious financial system,the transmission mechanism was weakened, and that China effectively avoided the impact of quantitative easing monetary policy in the United states.