美国2007年年底开始大幅下调利率,2009年以来又采取了量化宽松的货币政策。与此同时,世界各国,尤其是新兴市场和发展中经济体发生了严重的通货膨胀。虽然美国的宽松货币政策确实提高了2008年以来的通货膨胀率,但是却不能解释新兴市场和发展中经济的通货膨胀普遍高于发达经济体的事实。高通胀的原因仍然在于各国国内的高货币供给。 The United States began to sharply lower interest rates by the end of 2007 and adopted a quantitative easing monetary policy since 2009. In the meantime, serious inflation has taken place in various countries in the world, especially in emerging markets and developing economies. Although the loose monetary policy of the United States did raise the rate of inflation since 2008, it failed to explain the fact that emerging markets and developing economies generally have higher inflation than developed economies. The reason for the high inflation is still the high money supply in various countries.