美联储货币政策对中国货币政策的溢出效应研究

文章主要研究了美国货币政策对中国货币政策的溢出效应,理论部分分析了在开放经济条件下两国模型关于货币政策跨国传输等相关问题。货币供给分为国内供给和外部输入,通过中央银行资产负债表中资产负债的变化可以分析外部货币的输入影响到基础货币的被动投放,在流通过程中由于乘数效应影响了货币供给量。外部货币的输入影响央行调控独立性的发挥,外部货币的输入容易形成对国内货币市场和产品市场某种程度的冲击,央行货币政策调控的难度增加。经验分析发现,美元输入对中国货币政策存在溢出效应,影响到中国的基础货币投放,影响到中国的货币政策的独立性以及执行的效果。

Spillover Effects of the Fed’s Monetary Policy on the China’s Monetary Policy

This paper analyzes the spillover effects of the Fed’s monetary policy on the China’s monetary policy,in the the ory part,the paper analyzes the cross-border transmission of monetary policy based on the two countries in an open economy model,and other related issues.Money is divided into internal and external injection,the changes in assets and liabilities through the central bank’s balance sheet can be analyzed that the injection of outside money affects passive delivery of base money,currency in circulation due to the multiplier affects the number of money supply.The external monetary injection im pacts independence of central bank regulation,the external injection is easy to form some degree of impact on the domestic cur rency money market and the product market.Implementation of the central bank’s monetary policy is more difficult.Empiri cal analysis found that the spillover effects of the Fed’s monetary policy on the China’s monetary policy still exist.The dollar injection affected China’s base money supply.The dollar injection affected the independence of China’s monetary policy and the results of the implementation.