美国第四轮量化宽松政策的实施背景、影响及中国的对策  

The Background and Influence of the Fourth Round Quantitative Easing Policy Implemented by FRB and China's Countermeasures

作　　者：韩文龙[1] 崔祥龙[2] 

机构地区：[1]西南财经大学经济学院,四川成都611130 [2]泰山医学院管理学院,山东泰安271016

出　　处：《经济与管理》2013年第4期42-48,共7页Economy and Management

基　　金：国家社科基金重点项目(10AJL002);西南财经大学中央高校基本科研业务费资助项目(JBK1207026)

摘　　要：为了刺激经济增长、降低就业率和防止通货紧缩等,美联储推出了第四轮量化宽松货币政策。如果承诺机制、资产负债表扩张机制和资产负债表结构改变机制等传导机制能够发挥作用,那么第四轮量化宽松货币政策可以通过金融稳定效应、经济刺激效应、财政效应和退出效应等实现非常规货币政策操作的预期。美联储推出的第四轮量化宽松货币政策势必会带来一定的影响,如美元资产缩水、大宗商品和原材料上涨、全球性的货币性通货膨胀、汇率战争和全球性的财富再分配效应等。为了应对QE4带来的影响,中国需要从外汇资产管理、通货膨胀预期管理、人民币汇率机制、货币政策制定等方面做出相应安排。In order to stimulate economic growth, reduce unemployment rate and prevent deflation etc, The Federal Reserve Board （FRB） launched the fourth round of quantitative easing （QE4）. If the promise mechanism, the balance sheet expansion mechanism and balance sheet structure change mechanism play a role, then the QFA can make an expected monetary policy effect, through the financial stability effect, economic incentive effect, finance effect and exit effect. The QE4 will bring certain influences, such as dollar assets shrink, the price of commodity and raw material rise, global inflation, exchange rate war and global wealth redistribution effect, etc. In order to deal with the QE4, China need to make some corresponding arrangement, such as foreign exchange assets management, inflation expectations management, the RMB exchange rate mechanism and monetary policy adjustment.

关 键 词：量化宽松 通货紧缩 非常规货币政策 退出效应 

分 类 号：F831[经济管理—金融学]