The Influence Of U.S. Monetary Policy On China Since The Subprime Mortgage Crisis And China’s Countermeasures

In2007，a serious financial crisis broke out in the United States, which involved thewhole world. The U.S. stock market shook dramatically, the unemployment rate rose sharply,investment in rapid declined，and severe tightening of credit. The American economy sankinto an unprecedented situation of downturn. In order to revive the economy out of the crisisof the haze as soon as possible, the The Federal Reserve first implemented a conventionalmonetary policy. In2007and2008it adjusted the federal funds, rate of rediscount andreserves rate respectively. However, the implementation of the conventional monetary didn’timprove the American economy. The U.S unemployment rate is high, the inflation rate beganto rise，and many financial institutions declared bankruptcy. The Federal Reserve then startedthe nonconventional monetary policy in March2009, which was to make the market liquiditystronger. The shift from conventional monetary policy to the unconventional monetary policywas beyond imagination. The Federal Reserve used monetary policies to achievemacroeconomic control. This affected the American economy and influenced the developmentof Chinese economy to some extent.Thesis mainly divided into five parts, the first chapter is the introduction, whichintroduces the research background of paper, the research significance, and expounds thecurrent situation of the study at home and abroad, and finally summary the paper’s researchideas and methods. The second chapter introduces the theoretical foundation of the monetarypolicy respectively, and expounds the conventional monetary policy and the conventionalmonetary policy related theory in this paper. In the third chapter analysis the fed monetarypolicy implementation effect since the subprime crisis. At first introduced the fedconventional monetary policy implementation in2007to2008, and then in three aspects fromthe unemployment rate, inflation rate and GDP growth, I analyze the implementation effect ofthe monetary policy. Secondly, this paper introduces the implementation of fed regularlymonetary policy implementation since2009, and then in three aspects from theunemployment rate, inflation rate and GDP growth, analyze the implementation effect ofconventional monetary policy. The fourth chapter research impact the fed monetary policyimplementation had on the Chinese economy. From following aspects that the RMBappreciation from passive unilateral, hot money into mass; Commodity prices, China is faced with the input type inflation; China’s foreign exchange reserves faced risk; China’s currencypolicy adjustment in dilemma and China’s export hit the fed monetary policy implementationimpact on the Chinese economy. Chapter five put forward the correspondingcountermeasures.