The Impact Of Us Quantitative Easing Monetary Policy On Asset Price Fluctuations

The financial crisis and the new crown epidemic have caused the economic and development of countries around the world to be severely damaged.In the background of the crisis,the economies of the crisis are facing the dilemma of the failure of traditional monetary policy.In order to stabilize the financial market,improve liquidity,restore economic growth,and promote employment.Some economies have begun Implement quantitative easing monetary policy.Through the implementation of the policies of different countries,it can be found that while countries maintain a very low interest rate level,they have adopted a large-scale asset purchase plan.Quantitative easing monetary policy is different from traditional monetary policy.Its policy goals,conduction mechanisms,implementation processes,and implementation tools are different from traditional monetary policy.In addition,for different countries,in the specific implementation process of quantitative easing,it is also adapt to local conditions and prescribed medicine.This study focuses on the United States and is targeted at the quantitative easing monetary policy implemented by the Federal Reserve under the background of the financial crisis and the new crown epidemic,which compares its impact on US asset prices.First of all,the policy goals of the US quantitative easing monetary policy and its conduction mechanism for asset prices are different from traditional monetary policy through investment channels,consumer channels,and international trade channels.,The three conduction mechanisms of the scale of the balance sheet and the changes in structural changes have continued to affect the asset price and stimulate the economic recovery.Subsequently,the implementation process of the US quantitative easing monetary policy,the background of the US quantitative monetary policy,the policy implementation process,monetary policy tools and stock prices and housing prices in the background of the financial crisis and the new crown epidemic situation,and Based on this,the relevant variable indicators are selected.The variable indicators of the Fed’s monetary policy include the US Federal Fund interest rate,the total asset scale and the general currency supply.Other factors affecting the asset price are ten-year Treasury yields and Michigan consumer confidence indexes Essence By constructing the VAR model,the impact of the US quantitative easing monetary policy on its asset prices in the context of the financial crisis and the new crown epidemic.It can be seen from the empirical results that the impact of the implementation of the Fed’s monetary policy on its asset prices in the background of the two crisis is different.First,the impact of federal fund interest rates on the price of federal funds on asset prices is less than the influence of the context of the new crown epidemic.Second,the changes in the broad currency supply in the context of the financial crisis have brought the influence of preconceived and positive alternation on the US stock price,which is mainly based on the weak positive influence;and the change in the broad currency supply in the background of the new crown epidemic situation It has brought long-term positive effects to the stock price,and its impact on its housing prices shows a weak negative effect.Third,the changes in total assets in the background of the financial crisis have brought a presented and positive fluctuations to the US stock price,and in the context of the epidemic,it is manifested as long-term positive impact.The impact of total assets on its housing prices is weaker than its impact on the stock market.However,whether it is the stock price or the house price,in the context of the epidemic,the interpretation ability of the total asset size is stronger than that of the financial crisis.Fourth,compare other influencing factors,the ten-year Treasury yield of Ten-year Treasury bonds under the background of the financial crisis has a stronger explanation of its stock price and house prices,and the Michigan consumer confidence index has a stronger explanation for its stock price and house prices in the background of the new crown epidemic.Establishment.Finally,combined with the empirical results,the conclusion is concluded: First,the implementation of the US quantitative easing monetary policy and other changes in other factors have stable on the fluctuation of US asset prices.Second,in the context of the financial crisis or the new crown epidemic,the quantitative easing policy has significant effects on boosting stock prices and housing prices.There is an impact of positive and negative alternative volatility,and there are strong explanations.Fourth,compare the impact of quantitative easing monetary policy on stock prices and housing prices.During the financial crisis.At the same time,the corresponding revelation of my country has also been reached that the Fed’s implementation of quantitative easing and using the unprecedented scale of operation has a certain reference significance for my country’s monetary policy practice.For our country,on the one hand,when implementing a loose monetary policy,the national conditions should be combined,paying attention to the selection of control tools and the strength of the regulation and control policy;The negative effects brought about,establish a comprehensive regulatory system.On the other hand,for the quantitative easing monetary policy implemented by the United States and other economies,my country must take precautions in advance to avoid risks.In addition,institutional investors and individual investors should also scientifically judge,rationally allocate assets,and make rational investors.