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Globalization and integration are the main characteristics of today's world economy. As the share of foreign trade in total global economic output and the scale of international capital flows increase, the economic growth of countries with open economies is increasingly dependent on the global economic situation. The trend of globalization has had a powerful effect on the financial environment in which monetary policy operates, which in turn poses serious challenges to central banks. Since monetary policy is increasingly affected by globalization, as a country's monetary policymaker, the central bank must re-examine the regulatory framework of monetary policy from the perspective of globalization, and rise from domestic-based demand management to global-based demand management, and from domestic-based policy design to global-based policy design. Under the management of global demand, the regulation of monetary policy has become more complex, extensive and difficult, and a country's central bank must face up to the issue of international coordination of monetary policy. On the one hand, domestic policies must take into account the impact of economic openness, and monetary policy must maintain both the internal and external equilibrium of the economy. Different monetary policy tools have different efficiency in achieving internal and external equilibrium, and different policy combinations will also produce different effects. On the other hand, international policy coordination is becoming increasingly important. Under the conditions of a closed economy, because capital, commodities, labor and other factors cannot flow freely, a country's monetary policy will not have spillover effects, and its own monetary policy is rarely affected by foreign monetary policy. However, in fact, a completely closed economy does not exist, economic globalization and financial globalization have greatly strengthened the macroeconomic links between countries, and there are obvious mutual effects of monetary policies of various countries. When formulating monetary policy, a country with an open economy must consider how its own policies will affect foreign monetary policies, and what impact foreign monetary policies will have on its own economy. This book first defines the scope of research, starting from the relevant concepts of international coordination of monetary policy, and clarifies the definition of the concept of international coordination of monetary policy and the connection and difference between related concepts. Secondly, the preconditions for international coordination of monetary policy, the objectives of international coordination of monetary policy, the content of international coordination of monetary policy, the form of international coordination of monetary policy, the mode of international coordination of monetary policy and the principles of international coordination of monetary policy are analyzed. From the perspective of central banks, in order to make the right decisions, this book also analyzes the international coordination of monetary policy from a cost-benefit perspective. This book systematically sorts out and summarizes the development and research status of the theory of international coordination of monetary policy. Starting from Mead's theory of interdependence, the Mundell-Fleming-Dornbusch model, the macroeconomic model of the new open economy, the Hamada model, and the two-country game model are introduced, and the theory of international coordination of monetary policy and the theory of inverse cooperation of monetary policy are analyzed. Combining theoretical and empirical research, this book studies whether monetary policy shocks from the United States will have an impact on China's economy, what kind of impact they have, the trend of impact and the transmission mechanism, and mainly draw the following conclusions: (1) There is a spillover effect of US monetary policy on China's output, but this effect is mainly a short-term impact, concentrated in the first 3 months, and in the period of 3-8 months, the pulse value fluctuates around 0; After 8 months, there was basically no impact. From the perspective of the direction of influence, US monetary policy has a negative impact on China's output, that is, tight monetary policy will bring a temporary increase in Chinese output, and loose monetary policy will bring a temporary decrease in Chinese output. (2) There is a spillover effect of US monetary policy on China's inflation level. When the United States implements a tight monetary policy, China's inflation level rises, peaking in the first three months and then decreasing month by month, but this positive effect has persisted for a long time. (3) The US monetary policy shock transmits spillover effects through the policy channel, and the policy channel here has two meanings, namely the impact of US monetary policy on China's monetary policy and the autonomy of China's monetary policy. The research in this book shows that US monetary policy has a positive effect on interest rates in China, peaking at 4 months and remaining largely stable after 10 months. From the direction of the impact, the impact of the spillover effect of US monetary policy is positive, that is, the US raises interest rates, and China will also raise interest rates. The US monetary policy shock also had a positive impact on China's money supply, peaking in 7 months. This means that when the United States implements a tight monetary policy, our money supply rises. The results of the examination of China's monetary policy autonomy show that although China implements a monetary policy operation strategy with money supply as the intermediary goal, its control over money supply is not strong. The negative correlation between the volatility of changes in domestic net assets of the central bank and the volatility of changes in foreign net assets is increasing significantly, and the monetary policy of China's central bank is largely a passive adjustment of US monetary policy. (4) U.S. monetary policy shocks transmit spillover effects through trade channels. The shock of US monetary policy had a positive impact on China's imports, with a maintenance period of 16 months. During the 16 months of influence, although the pulse value showed a downward trend, the fluctuation was relatively sharp. From the perspective of the direction of impact, the US monetary policy has a positive impact on China's exports, and China's exports will decrease under the stimulation of the US expansionary monetary policy; Stimulated by tighter monetary policy in the United States, China's exports will increase. The peak of the impact from US monetary policy occurred in the 4th month, and then showed a downward trend of volatility, which reached a 20-month maintenance period. U.S. monetary policy has a negative and then positive impact on China's net exports, with a negative impact maintained for 3 months and a positive impact after 3 months. The adjustment of monetary policy in the United States will affect China's net exports, and its tightening monetary policy will reduce China's net exports within 3 months and increase China's net exports after 3 months. (5) Monetary policy shocks in the United States transmit spillover effects through asset price channels. US monetary policy will have a negative impact on China's asset prices, that is, tightening monetary policy in the United States will lead to a decline in China's asset price yields, while loose monetary policy in the United States will lead to an increase in China's asset price returns. The duration of this effect is approximately 20 months, with a peak in the third month. (6) Among the three channels of influence, the US monetary policy shock has the greatest impact on the policy channel, followed by the asset price channel, and finally the trade channel. In trade channels, the impact of US monetary policy shocks on exports is greater than the impact on imports and net exports. Keywords: monetary policy, international coordination, spillover（AI翻译）
