A Study On The Global Economic Impacts From America’s Quantitative Easing Monetary Policy

Quantitative easing monetary policy(QE) is a new unconventional monetary policy used by the advance economies after the financial crisis of2007-2008.By the pruchase of the financial assets from the markets under the zero lower nominal interest rates,the central bank inject a large-scale of liquidity in the finance system to support to boom the real economies.In this century, the Fed, Japan bank, EU central bank,England bank have taken a series of QE policy, as the monetary base become larger and larger, the signs of economic and financial market recovered, also inflation and asset price bubbles come again.The advaced economies continue to maitain QE policy become an important feature and main unconventional risk to the world economy, also become a hot issue to the academic circle, policy makers, and main financial institutions.In this dissertation, focus the Fed’s QE policy, analyses the QE behaviors of the main central banks, make a vertical comparison on the background, reasons, influences for QE policy. By the horizontal comparison analysis, dig the balance sheet of each central bank and study the detail differences the results of each policy, and draw some conclusions. At the same time, this dissertation also examines the effects of the QE policy to the world economy and financial markets,and make an empirical analysis on the Fed’s QE policy. Based on the perspective comparison analysis, this dissertation also makes an analysis on the taper of the Fed’s QE, discusses the potential risks of QE quitting in different rhythm, and gives a framework of the QE exit strategies. Finally, this dissertation has analyzed the overflow effects of QE policy to China, from three angles of macro-economic control, central bank monetary policy, and financial institution development make some countermeasures.The dissertation is divided into six parts:the first part is the introduction, mainly introduces the background and significance of topics, gives definition to some concepts of QE policy, summarizes the existing research results, illustrates the research ideas and methods, and points out the innovation and shortage of the article. The second part is the theoretical part that is related to the Liquidity Trap and Unconventional Monetary Policy as QE. The third chapter analyses the Fed how to apply the QE policy. The fourth Chapter is the Impacts from the QE policy and an empirical analysis on the Fed’s QE policy. The fifth chapter analyses the taper of Fed’s QE policy, and give a framework of the QE exit strategies.The sixth part is the main conclusion and revelation, makes some suggestions to our country to cope with shocks from the QE policy.