疫情以来中美央行资产负债表对比及美联储政策溢出效应分析  

Since the Outbreak Comparison of the Balance Sheets of the Chinese and American Central Banks and the Analysis of the Spillover Effects of the Fed’s Policy

作　　者：陈明荣[1] 曾小强[1] 陈丽婷 CHEN Mingrong;Zengxiaoqiang;Chen liting(Baiyin Municipal Sub-branch PBC,Baiyin,730900)

机构地区：[1]中国人民银行白银市中心支行,甘肃白银730900

出　　处：《西部金融》2022年第2期59-64,共6页West China Finance

摘　　要：本文通过对比分析我国央行与美联储资产负债表规模及结构变动,发现两者在扩张节奏、结构调整上具有明显差异。梳理2020年美联储采取的资产负债表政策,剖析其对我国宏观经济、商品价格、金融市场的溢出效应,并提出积极应对美联储货币政策转向的风险、保持央行资产负债表的健康运行机制的政策建议。Through the comparative analysis of the balance sheet size and structural changes of China’s central bank and the Federal Reserve,this paper finds that there are obvious differences in the pace of expansion and structural adjustment.Sort out the balance sheet policies adopted by the Federal Reserve in 2020 and analyze the spillover effects on China’s macro economy,commodity prices and financial markets.put forward the policy Suggestions:Actively respond The risk of fed’s monetary policy shift,Maintaining the health of the central bank balance sheet operation mechanism,improve the status of RMB internationalization.

关 键 词：中央银行 资产负债表 量化宽松货币政策 溢出效应 

分 类 号：F827.12[经济管理—财政学] F822