Empirical research of the economic effects of the quantitative easing monetary policy

摘要

This paper selects cross-section data of 36 countries and regions in the world in 2009, using of Eviews6.0 software, studying the impact relationships of monetary policy on the real output of the economy through establishment of the regression econometric model of the amount of money, the interest rate and the exchange rate to output GDP. It is found that the increasing amount of money could directly stimulate economic growth, without the channel of going through the interest rate. Besides, the amount of increasing currency can also stimulate economic growth through exchange rate. Implementing actively fiscal policy as well as implementing quantitative easing monetary policy, raising deposit interest rates can also stimulate economic growth when bank deposits can timely transformed into investment. This gives a strong evidence for those that implementing quantitative easing monetary policy can promote the global economic growth under the European sovereign debt crisis.