【正文】 the world39。s School of Public Policy. He says the Fed was already keeping interest rates very low, leaving little room to lower rates further. “Another option at that time was a new stimulus bill. However, it seemed to be politically unlikely,” he notes. “Another round of QE was one of the few choices left.” But the timing of the QE239。t alone in underscoring the extent to which acmodative policies, such as the Fed39。 “兩個(gè)國(guó)家都在為自己的問(wèn)題而指責(zé)對(duì)方。 “中國(guó)應(yīng)該允許人民幣升值。 ” 第三次會(huì)走運(yùn)嗎？ 復(fù)旦大學(xué)的田素華告誡說(shuō)，美國(guó)出臺(tái)第三輪量化寬松政策的巨大風(fēng)險(xiǎn)在于，美元的信用將會(huì)因此而受到挑戰(zhàn)。 “但是，就美國(guó)政治而言，這一時(shí)機(jī)是合情合理的。外匯交易員認(rèn)為，這一舉措有助于減少美元在決定中國(guó)貨幣價(jià)值上的權(quán)重。 ” 對(duì)中國(guó)來(lái)說(shuō)，商品價(jià)格的變化非常重要。最終，這一政策對(duì)于國(guó)內(nèi)經(jīng)濟(jì)以及在國(guó)際社會(huì)造成的溢出效應(yīng)也是相當(dāng)有限的。 位于美國(guó)華盛頓特區(qū)的戰(zhàn)略和國(guó)際研究中心（ Center for Strategic and International Studies，簡(jiǎn)稱(chēng) CSIS）的查爾斯 但如果美國(guó)繼續(xù)執(zhí)行 QE 政策，將會(huì)在世界各地遭致抗議，其中的代表就是中國(guó)。演講結(jié)束后，當(dāng)被問(wèn)及，目前這一輪政策在 6 月結(jié)束后， 美聯(lián)儲(chǔ)是否有必要推出另一輪所謂的 “量化寬松 ”（ quantitative easing，簡(jiǎn)稱(chēng)QE）政策時(shí)，伯南克回答說(shuō)， “美聯(lián)儲(chǔ)將會(huì)按其以往的方式做出決策 ”——也就是通過(guò)觀察各種經(jīng)濟(jì)指標(biāo)來(lái)做出決策，其中就包括失業(yè)率。 上海復(fù)旦大學(xué)國(guó)際經(jīng)濟(jì)學(xué)教授田素華指出，第二輪量化寬松政策對(duì)中國(guó)的影響比第一輪更大。斯瓦格（ Philip Swagel）認(rèn)為，第二輪量化寬松政策的總體影響，尤其是對(duì)中國(guó)的影響，并不像人們想象的那么顯著。與此同時(shí)，石油價(jià)格則觸及到了每桶 120 美元的高位，這是兩年多來(lái)的最高價(jià)格水平，當(dāng)然，中東和北非地區(qū)的動(dòng)蕩也是影響目前石油價(jià)格的重要因素。 ” 這個(gè)國(guó)家的中央銀行中國(guó)人民銀行一直在與通貨膨脹抗?fàn)帯Ｈ欢?，從政治上?lái)看似乎并不可行。因?yàn)橹袊?guó)對(duì)量化寬松政策感到不滿，同時(shí)， 其他國(guó)家也加入了批評(píng)美聯(lián)儲(chǔ)舉措的陣營(yíng)，所以對(duì)美國(guó)來(lái)說(shuō)，在漢城峰會(huì)上讓其他國(guó)家和自己一道在貨幣升值等議題上說(shuō)服中國(guó)就變得更加困難了。從而，日本和歐盟等中國(guó)的主要貿(mào)易伙伴就會(huì)深受不公平的貿(mào)易劣勢(shì)之苦。 至于說(shuō)第三輪量化寬松政策是否會(huì)刺激熱 錢(qián)流入中國(guó)的問(wèn)題，最近的數(shù)據(jù)表明，該政策的影響可能很小。s economy. But officials in Beijing have echoed criticism heard elsewhere around the world that QE2 has also triggered a sharp increase in world modity prices and an influx of hot money into their country. They expect more of the same if there is a QE3. Experts are divided whether such concerns are justified. Tian Suhua, an international economics professor at Shanghai Fudan University, notes that the effect of QE2 has been greater than QE1. “The first round of QE only affected China through the trade channel, while in the second round, the ability of . banks and mortgage panies to issue credit was strengthened, so the effect on China was amplified by the money multiplier,” he says. The QE239。s weight in determining the Chinese currency39。s two largest economic heavyweights as a result. “The two countries are blaming each other for their problems,” says Swagel, “However, the fact is that China is not the main cause of . problems and vice versa.” 。s economy. “Since the responsibility of the Federal Reserve is to regulate the economy, create jobs and move to full employment, the central question is, what means were available to accelerate the recovery [in 2020]?” asks I. M. (Mac) Destler, a professor at the University of Maryland39。s. Zheng Hui, finance professor at Shanghai Fudan University, says that since the first two rounds of quantitative easing, more . dollars have been circulating in world markets, weakening the value of the dollar against other major currencies. Given that international modities are priced in dollars, he says, everything from oil to sugar has bee more expensive. In March, for example, the FAO F