中文摘要：

次贷危机后．美联储采取了一系列非常规货币政策向金融系统注入大量的流动性，金融市场在大规模流动性支持下开始企稳。随着金融市场功能的逐步恢复．经济复苏迹象显现。如果关联储不能有效地控制资产负债表规模和及时收回流动性．通货膨胀和资产价格泡沫可能卷土重来。本文通过分析量化宽松货币政策的实质和效果．研究退出的时机和退出的路径．并指出退出过程中可能存在的风险．展望关联储货币政策的调整对中国经济产生的影响和冲击．

英文摘要：

After the sub-prime crisis, the Fed has taken a series of unconventional monetary policy to inject a lot of liquidity into the financial system. Under the large-scale liquidity support, financial markets began to stabilize. As the functions of financial markets gradually recover, the signs of economic recovery appear. Inflation and asset price bubbles may come back if the Fed can not effectively control the size of the balance sheet and draw back the liquidity in time. The question when the Federal Reserve will begin to withdraw and how to withdraw from the quantitative easing monetary policy aroused extensive attention. This paper analyzes the substance and effect of the quantitative easing monetary policy, studies when and how to exit, and points out possible risks in the exit process Finally, the paper examines the impact of the adjustment of Fed monetary policy on China＇s economy.