金融危机以来美联储货币政策变动对我国货币政策调控的影响

The Federal Reserve's Impact on China's Monetary Policy in the Post-Financial Crisis Era

在开放经济的背景下,一国货币政策会对其他国家产生外溢效应。以美联储为代表的西方国家货币政策动向,既影响全球资本在境内外的流动与我国的对外贸易,又影响我国的宏观经济政策调控。本文对金融危机以来美联储货币政策的三个阶段进行梳理分析,回顾各阶段下中美两国货币政策状况及美联储政策变动对我国政策方向的影响,并综合近年调控实践,提出当前形势下,我国货币政策的制定需关注的重点及调控手段。

In an open economy,the monetary policy of one country will have a spillover effect on other countries.The monetary policies of the Federal Reserve and other Western countries affect not only China's foreign trade and macroeconomic policies,but also global capital inflows and outflows.This article examines the three stages of the Federal Reserve's monetary policy in the post-financial crisis era,analyzing the spillover effects of the Fed's policy changes on the direction of Chinese monetary and macroeconomic policies.It highlights key areas that require attention in setting China's monetary policy.