A Study On The Spillover Effect Of Us Monetary Policy On China ’s Macroeconomics

As one of the important economies,the adjustment of the us monetary policy will undoubtedly have different effects on the world economy。In the nearly 40 years of reform and opening up,China’s domestic economic level and degree of opening up have been constantly improved,and its economic interdependence with other countries in the world has been constantly strengthened。 In the context of world economic integration,the adjustment of American monetary policy will not only change the domestic economic development trend,but also have an impact on China’s macroeconomic development through the spillover of international trade and other channels。It is particularly important to accurately judge the degree of this impact and its channels,and timely respond to the impact of us monetary policy adjustment on China’s macroeconomic and other aspects。Firstly,this paper systematically sorts out the economic background of the monetary policy adjustment of the United States in recent years,and discusses the reasons for the impact of the monetary policy adjustment of the United States on China’s finance and economy from the perspective of theory and literature analysis。 Further,based on the background of the accelerating economic globalization and the increasing accumulation of global financial risks,this paper analyzes the transmission channels and mechanisms of the spillover effects of us monetary policy on China’s prices,trade and international capital flows。Secondly,through quantitative analysis of econometric models,this paper explores the spillover effects of quantitative monetary policy adjustment and price monetary policy adjustment on China’s macro economy,and makes an empirical analysis on the transmission channels and mechanism of this spillover effect from the perspectives of prices,trade and international capital flows。Finally,policy Suggestions are given based on the empirical results。This paper adopts the method of combining theory and empirical research to divide American monetary policy into two categories,namely quantitative monetary policy and price monetary policy,and respectively investigates the spillover effects of both on China’s macro economy。 In addition,this paper analyzes the channels through which the two kinds of monetary policy adjustments affect China’s macro economy from multiple perspectives,which provides theoretical basis for the policy-making organs to timely and accurately deal with the impact of the monetary policy adjustments in the United States and formulate reasonable coping methods。 It is of certain practical significance。...