Macroeconomic Analysis of China, Japan and the United States Based on Exchange Rate Spillover Effects of Economic Policies
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Since February, the Federal Reserve has launched two rounds of quantitative easing policy to increase market liquidity by innovating different financial products. At the same time, China's macroeconomic variables also fluctuate mainly in the form of economic overheating and inflation. With the continuous progress of global economic integration, economic exchanges between countries are becoming increasingly close. A country's monetary policy not only has an impact on its own economy, but also has an impact on other countries through trade channels, capital flow channels, and interest rate and exchange rate channels. As a world economic power closely linked to China's economy, Japan has been implementing quantitative easing monetary policy since its implementation. A large amount of liquidity has been injected into the domestic economy and it is closely linked economic system. Under this great economic background, China can be expected to have close economic ties with China.
Macroeconomic Policy, Spillover Effect, Monetary Policy