量化宽松政策对中美通货膨胀的差异影响研究  

The Analysis on the Differences of Inflation in China and USA under the Quantitative Easing Policy

作　　者：王自锋[1] 白玥明 

机构地区：[1]南开大学国际经济与贸易系

出　　处：《世界经济研究》2013年第11期15-20,87,共6页World Economy Studies

基　　金：2011年教育部人文社会科学重点研究基地重大项目(11JJ D790024);2012年教育部人文社会科学重点研究基地重大项目(12JJD79 0035)的阶段性成果;南开大学亚洲研究中心项目(AS1115)的资助

摘　　要：本文首先运用结构向量自回归模型(SVAR)证明了美国量化宽松政策对中美通货膨胀的影响差异,即量化宽松货币政策对中国通货膨胀的溢出效应强于对美国国内物价的直接影响;然后从资本项目和经常项目渠道发现,资本项目传导较快但经常项目传导时滞较长,而中国货币政策独立性弱和对外依赖度过高是造成其影响差异的主要原因。The quantitative easing policy of America is proved to produce distinct effect in inflation between China and USA through the Structural Vector Auto-regression Model( SVAR) in this paper. By searching,the spillover effect of QE in China is even stronger than the direct effect on domestic price in America. The analysis we did above from current and capital account indicates that the capital account conducts more quickly while the mechanism of current account conduction always has a longer influence. The main cause of this kind of abnormal phenomenon is that China's independence of monetary policy and external dependency are insufficient.

关 键 词：量化宽松政策 通货膨胀 SVAR模型 

分 类 号：F821[经济管理—财政学] F224