货币银行学——邱玉钰

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1、COURSETITLE:TheEconomicsofMoney,Banking,andFinancialMarketsGRADE:InternationalEconomicsandTrade0801STUDENTNUMBER:1081020115NAME:QiuYuyu4AnAnalysisontheEffectivenessoftheMonetaryPolicyofChinaandInflation1.IntroductionDuringthetimefrom2009to2010,aseriousinflationocc

2、uredinChina.ThereasonisvariouswhilethemainoneisduetoChina'sactiveinterventionintheeconomy.Centralbankhasimplementedaloosemonetarypolicysince2008inordertodealwithfinancialcrisis.Inflationexpectationsisanconsiderablereacttothis"loose"monetarypolicy.2.TheoryandModelT

3、heoryandmodelusedinthisarticleinclude:1)openingmarketoperationsbyFederalReserveontheimpactofthemonetarybaseismoreaccuratethanthatoperationonreserve.2)transmissionofmonetarypolicymodel.3)Themoderntheoryofthequantityofmoney.3.Analysis3.1QuantitativeEasingMonetaryPol

4、icyinChinaInthefirsthalfof2009,thepublicandeconomistscriticizedthequantitativeeasingmonetarypolicyofUnitedStatesasaexcessiveone.Table1containsmoneysupplyM2anditsgrowthofChinaandUnitedStates.Table1ComparisonofU.SandChinamoneysupplygrowthyearChina(billionRMB)USA(bil

5、liondollars)M2GrowthratesM1GrowthratesM2GrowthratesM1Growthrates200634560415.712603517.5703235.1213665-0.58200740344216.715256021.0743065.6613661-0.03200847516717.81662179.0812399.331595416.79Mar,200953062711.71765416.2831662.37159600.04June,20095689167.21931389.4

6、837000.64165003.38July,20095731030.741958891.4283484-0.26165470.29Aug,20095766990.642003952.3082979-0.6016497-0.50Notes:AllstatisticscomefromChinaStatisticalYearbook2008,InternationalMonetaryFund:InternationalFinancialStatistics,U.S.FederalReserveBankSite(www.fede

7、ralreserve.gov/)andPeople'sBankofChinasite(www.pbc.gov.cn).4Intheyearof2009,thereisabigdifferenceinmoneysupplygrowthbetweenChinaandU.S.M2ofChinainJuneexceedstheoneinMarchby7.2%whileM1exceedsby9.4%.Inthemeantime,M2andM1inAmericagrowsbyrespectively0.64%and3.38%.Thec

8、haingrowthofM2inChinainJulyandAprilisrespectively0.74%and0.64%.However,thoseinU.S.fallsto0.26%and0.60%.ThefigureshaveclearlyshowthatChina'smonetarypolic