The Effect Analysis Of US’ Quantitative Easing Monetary Policy To China

Under the open economy, it is very important to study the international transmission of monetary policy. However, there is a dispute between the theoretical research and empirical research on the international transmission of monetary policy such as the direction and channel.it is helpful to develop its own monetary policy and effective response to pressure from external monetary policy, and there has been a major beneficial to the continued rapid and stable economic growth while maintaining the stability of the macro-economic situation.This paper based on the fact--three practice-based quantitative easing monetary policy in the United States. On the theoretical side, the Mundell-Fleming Model analysis of monetary policy is fully floating from one exchange rate, full capital mobility in developed countries such as the United States pass to a fully floating exchange rate, the development of capital flow countries (such as China), and draw between the two countries, the image of the performance of quantitative easing monetary policy is a "beggar-thy-neighbor" monetary policy. Empirical construct metrics of quantitative easing-QE indicators, and focuses on the U.S. quantitative easing monetary policy impact on China’s macroeconomic (SVAR model), the main conclusions:(1) net exports. U.S. quantitative easing monetary policy to affect China’s export trade through the income effect and the exchange rate pass-through effect. Among them, the income effect on China’s exports bring short-term, intermittent recovery, exchange rate pass-through effect on exports inhibition. Therefore, the dynamic effects of the quantitative easing monetary policy in the United States on China’s exports depend on the joint force of these two effects. When the income effect is greater than the exchange rate pass-through effect, China’s exports will be picked up (or recovery); when the income effect is less than the exchange rate pass-through effect, China’s exports will fall (or rejection).(2) quantitative easing monetary policy on inflation in China has a significant positive impact ring;(3) U.S. quantitative easing monetary policy implementation has a positive influence on China’s broad money supply, interferes with the independence of monetary policy in China.(4) under the open economy, the U.S. quantitative easing monetary policy "first promotion, after suppression of China’s output, and ultimately the" beggar-thy-neighbor "monetary policy.