摘要/Abstract

本文以美国的M2和美元名义汇率作为其量化宽松的反映变量，以我国CPI作为通货膨胀的代理变量，运用2008.11-2010.10和2010.11-2012.08两个时间段的月度数据建立回归模型，对美国前两轮量化宽松政策对我国通货膨胀的影响进行了研究，结果表明：QE1对我国通货膨胀没有显著性影响；而QE2对我国通货膨胀具有显著性影响，尤其是美元名义汇率每变动1个百分点，会使我国CPI反向变动0.408个百分点。两个时间段所处金融和调控背景的不同导致了结果的差别。

This paper takes M2 of USA and the nominal exchange rate of Dollars to RMB as the response variable of its quantitative easing, take the CPI in China as a proxy variable for inflation, use monthly data of two times during 2008.11-2010.10 and 2010.11-2012.08 to build regression model, has conducted the research to the influence of the first two rounds of quantitative easing of USA on inflation in China, results show that: QE1 on inflation in China has not significant influence; but QE2 on inflation in China has significant influence, especially the nominal exchange rate of Dollars change of 1 percent point each, will lead to CPI in China reverse change 0.408 percent points. The different finance and regulation background of the two times lead to the different results.