美国量化宽松政策对中国的溢出效应  

The Spillover Effect of FRB’s Quantitative Easing Policy to China

作　　者：贾洪文[1] 李晓辉[1] 

机构地区：[1]兰州大学经济学院,甘肃兰州730000

出　　处：《湖南财政经济学院学报》2013年第4期99-103,共5页Journal of Hunan University of Finance and Economics

基　　金：兰州大学中央高校基本科研业务费专项资金项目"资本形成;投资效率与欠发达区域资本市场的构建"(项目编号:10LZUJBWZY002)阶段研究成果之一

摘　　要：美国量化宽松政策对我国的溢出效应主要有政策传导、贸易传导、资产价格传导三个途径。运用VAR模型分析发现美联储量化宽松政策对我国产出的正溢出效应仅存在于几个月内,中期内存在负效应,长期内效应逐渐消失。为减小量化宽松对我国的冲击,应审慎运用美联储量化宽松政策所释放的流动性,预防输入型通货膨胀,保持人民币汇率稳定,完善我国资本市场。There are three ways that U. S. quantitative easing policy＇ s spillover effects act on China, including policy transmission, trade transmission and asset price transmission. After using VAR model to analyze, the result shows that the positive spillover effect only exists within a few months, and in medium - term the effect is negative, and in long - term the effect disappears gradually. To reduce the impact of quantitative easing on China, we should use the mobility released by the Federal Reserve prudently, prevent imported inflation, maintain the liMB exchange rate stability, and improve the cap- ital markets.

关 键 词：量化宽松 溢出效应 VAR 

分 类 号：F821.0[经济管理—财政学]