Abstract: The paper outlines the content, various forms and implementat ion process of the unconventional monetary policy(UMP)in the advanced economies. It summarizes the channel of the ump and evaluates the Although the UMP has displayed pos itive effects from the evidence in the financ ial market and the macroeconomic development, its effects face diminishing returns and even to some extent dampen the normalizat ion of the financ ial market. The exit from the UMP is in the long-term interest of global macroeconomic and financ ial stability. However, due to lack of precedence, large implementat ion risks and market overshooting risks exist in the process China should pay close attention to the spillover effects during the exit of the UMP, and deal with the relevant risks with the domestic macroeconomic policy, the short-term capital flow management and the international policy coordination. Key words: unconventional monetary policy; quantitative easing; spillover effects 国际金融危机后,随着发达经济体中央银行传统货币政策空间快速耗尽,美英欧 日等货币当局陆续采取了非传统的超宽松货币政策。由于这类型政策普遍包括通过资 产购买或者流动性工具为金融体系提供确定数量的资金,故也被普遍称之为“数量宽 松政策( quantitat ive easing policy)”,简称量宽政策。发达经济体非传统货币政策到 目前为止实施已接近五年,其规模和持续时间在历史上都没有可以匹配的前例。作为 特殊时期政策措施,其传导机制及效果相比传统货币政策面临更大的争议及不确定性 在全球化的背景下,该政策对于其他经济体的溢出效应及风险也成为G20等国际经济 治理平台上的重要议题。本文将介绍发达经济体非传统货币政策的特点、理论机制及 实际效果,并结合2013年末美联储退出量宽政策的前景,分析其退出方式、可能的 溢出效应及对中国的政策启示2 Abstract: The paper outlines the content, various forms and implementation process of the unconventional monetary policy (UMP) in the advanced economies. It summarizes the theoretical transmission channel of the UMP and evaluates the empirical effects of it. Although the UMP has displayed positive effects from the evidence in the financial market and the macroeconomic development, its effects face diminishing returns and even to some extent dampen the normalization of the financial market. The exit from the UMP is in the long-term interest of global macroeconomic and financial stability. However, due to lack of precedence, large implementation risks and market overshooting risks exist in the process. China should pay close attention to the spillover effects during the exit of the UMP, and deal with the relevant risks with the domestic macroeconomic policy, the short-term capital flow management and the international policy coordination. Key words: unconventional monetary policy; quantitative easing; spillover effects 国际金融危机后，随着发达经济体中央银行传统货币政策空间快速耗尽，美英欧 日等货币当局陆续采取了非传统的超宽松货币政策。由于这类型政策普遍包括通过资 产购买或者流动性工具为金融体系提供确定数量的资金，故也被普遍称之为“数量宽 松政策（quantitative easing policy）”，简称量宽政策。发达经济体非传统货币政策到 目前为止实施已接近五年，其规模和持续时间在历史上都没有可以匹配的前例。作为 特殊时期政策措施，其传导机制及效果相比传统货币政策面临更大的争议及不确定性。 在全球化的背景下，该政策对于其他经济体的溢出效应及风险也成为 G20 等国际经济 治理平台上的重要议题。本文将介绍发达经济体非传统货币政策的特点、理论机制及 实际效果，并结合 2013 年末美联储退出量宽政策的前景，分析其退出方式、可能的 溢出效应及对中国的政策启示