金融危机以来,各国轮番实施量化宽松,向金融市场注入大量流动性。本文以美国为例分析量化宽松对资产价格的影响。结果显示,量化宽松主要是通过投资组合再平衡的途径影响资产价格,引起一系列资产价格上升。虽然期初影响相对较小,但其对全球资产价格的溢出效应将日益显现。 Since the financial crisis, all countries took turns implementing quantitative easing and injected a large amount of liquidity into the financial markets. This article uses the United States as an example to analyze the impact of quantitative easing on asset prices. The results show that quantitative easing mainly affects asset prices through the rebalancing of investment portfolios, causing a series of asset prices to rise. Although the initial impact is relatively small, but its spillover effect on global asset prices will become increasingly apparent.