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本文采用日度数据研究美国预期货币政策冲击对我国金融市场的影响。研究发现,美国非预期货币政策冲击会显著影响我国shi bor利率水平和公司债券到期收益率水平,而对国债到期收益率水平、股市以及人民币汇率影响并不显著。美国非预期货币政策冲击对我国的影响具有显著的非对称性,但对我国金融市场影响能力十分有限。因此,我们更应该关注美联储预期内的货币政策调整对我国金融市场的冲击,采取有效措施积极应对。
This paper uses Japanese data to study the impact of expected monetary policy shocks on China’s financial markets. The study finds that the impact of the unintended monetary policy in the United States will significantly affect the level of China’s borloter rate and the maturity rate of corporate bonds. However, the impact on the maturity level of government bonds, the stock market and the exchange rate of RMB is not significant. The impact of unexpected monetary policy in the United States has a significant asymmetry in our country, but its influence on China’s financial market is very limited. Therefore, we should pay more attention to the impact of the adjustment of monetary policy within the expectation of the Federal Reserve on the financial market in our country and take effective measures to deal with it positively.