發(fā)布時(shí)間：2019-06-05 11:59

【摘要】：2007年美國爆發(fā)了席卷全球的次貸危機(jī)，美國股市劇烈震蕩，失業(yè)率急劇上升，投資迅速下降以及信貸嚴(yán)重緊縮，美國經(jīng)濟(jì)陷入前所未有的低迷態(tài)勢。為了重振經(jīng)濟(jì)，盡快走出危機(jī)陰霾，美聯(lián)儲首先實(shí)施了常規(guī)性貨幣政策，，于2007年和2008年分別對聯(lián)邦基金基準(zhǔn)利率、再貼現(xiàn)率以及準(zhǔn)備金率進(jìn)行了調(diào)整，然而，常規(guī)性貨幣政策的實(shí)施并沒有使美國經(jīng)濟(jì)有所好轉(zhuǎn)，美國失業(yè)率居高不下，通貨膨脹率開始抬頭，眾多金融機(jī)構(gòu)紛紛宣布破產(chǎn)，美國經(jīng)濟(jì)因此走向深度衰退。于是，2009年3月美聯(lián)儲啟動了非常規(guī)性貨幣政策，即向市場注入大量流動性。從常規(guī)性貨幣政策的實(shí)施到非常規(guī)性貨幣政策的運(yùn)用，超越了人們的想象，美聯(lián)儲運(yùn)用貨幣政策進(jìn)行宏觀調(diào)控，給美國經(jīng)濟(jì)帶來影響之余，在一定程度上左右了中國經(jīng)濟(jì)的發(fā)展，給中國經(jīng)濟(jì)帶來了不可小覷的沖擊。 論文主要分為五部分，第一章緒論，分別介紹了論文的研究背景、研究意義，并對國內(nèi)外研究現(xiàn)狀進(jìn)行了闡述，對論文的研究思路和方法進(jìn)行了總結(jié)。第二章主要介紹貨幣政策的理論基礎(chǔ)，分別對常規(guī)性貨幣政策與非常規(guī)性貨幣政策的相關(guān)理論進(jìn)行闡述。第三章分析次貸危機(jī)以來美聯(lián)儲貨幣政策的實(shí)施效果。首先介紹2007年至2008年美聯(lián)儲常規(guī)性貨幣政策的實(shí)施，繼而從美國的失業(yè)率、通貨膨脹率以及GDP增長三方面入手，分析常規(guī)性貨幣政策的實(shí)施效果。其次，介紹2009年以來美聯(lián)儲非常規(guī)性貨幣政策的實(shí)施，繼而從美國的失業(yè)率、通貨膨脹率以及GDP增長三方面入手，對非常規(guī)性貨幣政策的實(shí)施效果加以分析。第四章主要研究美聯(lián)儲貨幣政策的實(shí)施對中國經(jīng)濟(jì)的影響。人民幣兌美元單邊升值導(dǎo)致熱錢大規(guī)模涌入我國；全球大宗商品價(jià)格飆升，中國面臨嚴(yán)重的輸入型通貨膨脹；中國外匯儲備連年增長，損失風(fēng)險(xiǎn)加大；中國貨幣政策的調(diào)整陷入兩難境地以及中國出口遭受沖擊五方面論述美聯(lián)儲貨幣政策的實(shí)施對中國經(jīng)濟(jì)的影響。第五章提出了應(yīng)對措施。
[Abstract]:In 2007, the United States broke out the subprime mortgage crisis sweeping the world, the US stock market fluctuated violently, the unemployment rate rose sharply, investment fell rapidly and credit was severely tight, and the US economy fell into an unprecedented downturn. In order to revive the economy and get out of the crisis as soon as possible, the Fed first implemented a conventional monetary policy, adjusting the federal funds benchmark interest rate, the discount rate and the reserve requirement ratio in 2007 and 2008, respectively. The implementation of conventional monetary policy has not improved the U. S. economy, the unemployment rate in the United States is high, inflation is beginning to rise, many financial institutions have declared bankruptcy, and the U. S. economy has gone into a deep recession. As a result, in March 2009, the Fed launched an unconventional monetary policy, that is, to inject a lot of liquidity into the market. From the implementation of conventional monetary policy to the use of unconventional monetary policy, beyond people's imagination, the Federal Reserve uses monetary policy to carry out macro-control, which has an impact on the US economy. To a certain extent, it has influenced the development of China's economy and brought great impact to the Chinese economy. The paper is divided into five parts, the first chapter is the introduction, which introduces the research background and significance of the paper, and expounds the research status at home and abroad, and summarizes the research ideas and methods of the paper. The second chapter mainly introduces the theoretical basis of monetary policy, and expounds the related theories of conventional monetary policy and unconventional monetary policy respectively. The third chapter analyzes the implementation effect of Fed monetary policy since the subprime mortgage crisis. This paper first introduces the implementation of the regular monetary policy of the Federal Reserve from 2007 to 2008, and then analyzes the implementation effect of the conventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. Secondly, it introduces the implementation of unconventional monetary policy of the Federal Reserve since 2009, and then analyzes the effect of the implementation of unconventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. The fourth chapter mainly studies the impact of the implementation of Fed monetary policy on China's economy. The unilateral appreciation of RMB against the US dollar has led to a massive influx of hot money into China. Global commodity prices have soared and China is facing serious imported inflation. China's foreign exchange reserves have increased year after year and the risk of loss has increased. The adjustment of China's monetary policy is in a dilemma and the impact on China's exports is discussed in five aspects: the impact of the implementation of Fed monetary policy on the Chinese economy. The fifth chapter puts forward the countermeasures.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F827.12;F124

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