美国货币政策 对中国宏观经济的影响

本文研究美国货币政策对我国宏观经济的影响，从存在性检验和强度测算两个方面予以分析，运用虚拟变量刻画量化宽松货币政策的实施情况，并引入Gumbel Copula上尾相依系数来检测其波动效应的存在。实证结果不仅验证了理论分析的合理性，也证明了美国货币政策的负波动效应，以及量化宽松货币政策与传统货币政策间的协同效应。

THE EFFECT OF US MONETARY POLICY ON CHINAS MARCOECONOMY

This paper mainly studies the volatility effect of US monetary policy on Chinas macroeconomy from the view of volatility effects existence test and intensity measurementThis paper defines a dummy variable to characterize the quantitative easing monetary policy，and introduces an upper tail dependence coefficient of Gumbel Copula to precisely detect its existenceThe empirical results demonstrate that US monetary policy will brings out the negative volatility effect，and that the synergistic effect will come into being between the traditional monetary policy and the quantitative easing monetary policy.