Empirical Study On The Effects Of Unconventional Monetary Policy On Macroeconomic

Lehman Brothers collapsed in September2008, the financial crisis originatedin the U.S. is rapidly sweeping the globe, the world economy is still not completely out of the haze crisis, monetary policy as one of the means of macroeconomic regulation and control is also facing great challenges. The central banks have to take action to deal with the crisis, as the financial crisis deepened, the world’s major central banks in addition to traditional monetary policy to lower short-term interest rates, but also take active expansion of the central bank’s balance sheet as the representative of the unconventional monetary policy.In this paper, from the theory of unconventional monetary policy framework, policy practice, the effects of policies and influence empirical test system analysis. The first chapter introduces the thesis topic basis and research purposes, domesticand international literature review and definition of the problems in the existingresearch, research methods and research framework. The second chapter describesthe theory of unconventional monetary policy, first introduced the concept and the main goal of monetary policy, and then discusses the unconventional theory of monetary policy. In turn from the central bank’s balance sheet point of view, the central bank transaction object angle, angle of traditional monetary policy behavior. The third Chapter, selecting the Federal Reserve, the European Central Bank and the People’s Bank of China as the object, and comparative analysis of themacroeconomic impact of unconventional monetary policy. The fourth chapter ofthe non-traditional monetary policy of the empirical analysis of the macroeconomic impact, first introduced the study sample and data sources, followed by theintroduction of non-traditional monetary policies on the macroeconomic impact ofthe model, the last of China’s macroeconomic data as the basis for the empirical analysis. The fifth Chapter, we conclude the countermeasures and suggestions on the effects of the unconventional monetary policy on the macroeconomicUnconventional monetary policy analysis, and the use of U.S. macroeconomicdata empirical tests the effects of non-traditional monetary policy of the Fed and its impact on China, the analysis shows that the unconventional monetary policy: on the one hand, the Fed, mainly through increasing the money supply by the increase of the monetary policy to stimulate credit expansion effect is relatively weak. On the other hand, the unconventional monetary policy of the Fed’s lea ds to sharp rise of international commodity prices, as a result,China faces greater pressure of imported inflation. Due to the increase of the U.S. money supplyand the depreciation of the dollar, the Renminbi confronts more severe pressureof rapid appreciation.