【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。 “兩個國家都在為自己的問題而指責對方。 “中國應該允許人民幣升值。 ” 第三次會走運嗎？ 復旦大學的田素華告誡說，美國出臺第三輪量化寬松政策的巨大風險在于，美元的信用將會因此而受到挑戰(zhàn)。 “但是，就美國政治而言，這一時機是合情合理的。外匯交易員認為，這一舉措有助于減少美元在決定中國貨幣價值上的權重。 ” 對中國來說，商品價格的變化非常重要。最終，這一政策對于國內經(jīng)濟以及在國際社會造成的溢出效應也是相當有限的。 位于美國華盛頓特區(qū)的戰(zhàn)略和國際研究中心（ Center for Strategic and International Studies，簡稱 CSIS）的查爾斯 但如果美國繼續(xù)執(zhí)行 QE 政策，將會在世界各地遭致抗議，其中的代表就是中國。演講結束后，當被問及，目前這一輪政策在 6 月結束后， 美聯(lián)儲是否有必要推出另一輪所謂的 “量化寬松 ”（ quantitative easing，簡稱QE）政策時，伯南克回答說， “美聯(lián)儲將會按其以往的方式做出決策 ”——也就是通過觀察各種經(jīng)濟指標來做出決策，其中就包括失業(yè)率。 上海復旦大學國際經(jīng)濟學教授田素華指出，第二輪量化寬松政策對中國的影響比第一輪更大。斯瓦格（ Philip Swagel）認為，第二輪量化寬松政策的總體影響，尤其是對中國的影響，并不像人們想象的那么顯著。與此同時，石油價格則觸及到了每桶 120 美元的高位，這是兩年多來的最高價格水平，當然，中東和北非地區(qū)的動蕩也是影響目前石油價格的重要因素。 ” 這個國家的中央銀行中國人民銀行一直在與通貨膨脹抗爭。然而，從政治上來看似乎并不可行。因為中國對量化寬松政策感到不滿，同時， 其他國家也加入了批評美聯(lián)儲舉措的陣營，所以對美國來說，在漢城峰會上讓其他國家和自己一道在貨幣升值等議題上說服中國就變得更加困難了。從而，日本和歐盟等中國的主要貿易伙伴就會深受不公平的貿易劣勢之苦。 至于說第三輪量化寬松政策是否會刺激熱 錢流入中國的問題，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