摘要：2012年上半年美国的经济增长显露出疲弱信号，美联储最为关注的两大指标通胀和就业数据表现出黯淡。为了继续持续的刺激经济，从2012年9月14日开始，美联储推出了进一步的量化宽松政策(即QE3)。又正值我国处于经济增速放缓和经济转型的关键时期，作为世界第一经济大国和国际储备货币发行国，美国实行非常规的量化宽松货币政策，必然通过利率和汇率的波动，影响国际资本流动和进出口贸易，从而将其货币政策效应溢出到与之有经济往来的国家，对世界经济造成影响。美国为了缓解本国的压力,对全世界输入通胀,将导致热钱流入一些国家，给这些国家带来升值压力。美国是中国的重要贸易合作伙伴，且中国持有大量美元外汇储备。研究美国的量化宽松货币政策可能带来的影响，从而采取有效的应对措施，对于维持我国经济稳步发展具有重要意义。面对国际热钱流入以及贸易收支可能造成的不平衡以及全球性通货膨胀，我们必须采取有效措施，应对此次挑战。对抗资产泡沫风波。本文主要讨论了QE3的实施背景、对我国产生的影响特别是经济上的影响以及我国应采取的策略。
关键词：量化宽松 经济影响分析 外汇储备 通货膨胀 资产泡沫
ABSTRACT：America's growth in the first half of 2012 show a weak signal, the fed is most concerned about two major indicators of inflation and employment data showed. In order to continue to continue to stimulate the economy, starting on September 15, 2012, the federal reserve launched further quantitative easing (QE3). Again as our country is in economic growth is slowing and the critical period of economic transition, as the world's first economic power and international reserve currencies, the implementation of an unconventional quantitative easing monetary policy, must through the interest rate and exchange rate fluctuations, impact and import and export trade, international capital flow to the monetary policy effects spill over into economic ties with the countries, affect the world economy. The United States in order to relieve their stress, the input inflation around the world, will lead to capital inflows in some countries, these countries to bring appreciation pressure. The United States is China's important trading partners, and China holds a large number of dollars of foreign exchange reserves. Study the possible impact of quantitative easing monetary policy in the United States, so as to take effective measures to cope with the situation, is of great significance to maintain the steady economic development of our country. In the face of international hot money inflows and trade balance could cause imbalances and global inflation, we must take effective measures to cope with the challenges. Against an asset bubble.QE3 this article mainly discussed the implementation of the background, impact in our country, especially the economic influence and should adopt the strategy of our country.
key words：quantitative easing ；Economic impact analysis； inflation；Asset bubbles
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