CAJ | 학술논문

摘要：当前关欧货币政策出现了令人担忧的五大新动向：一是货币政策工具由“常规”向“非常规”转变；二是货币政策操作领域由“金融市场”向“实体经济”转变；三是货币政策内容由“有限”向“无限”转变；四是货币政策职能由“支持经济”向“为财政服务”转变：五是货币政策效果由“降低风险”向“放大风险”转变。这些转变对关欧短期内会产生一定的积极效果，但在中长期内的负面效应将远远超过正面效应。美欧货币政策新动向对我国造成的冲击尤为严重．为应对新动向的冲击，我国应实施跟美欧同步的货币政策。
적요：당전관구화폐정책출현료령인담우적오대신동향：일시화폐정책공구유“상규”향“비상규”전변；이시화폐정책조작영역유“금융시장”향“실체경제”전변；삼시화폐정책내용유“유한”향“무한”전변；사시화폐정책직능유“지지경제”향“위재정복무”전변：오시화폐정책효과유“강저풍험”향“방대풍험”전변。저사전변대관구단기내회산생일정적적겁효과，단재중장기내적부면효응장원원초과정면효응。미구화폐정책신동향대아국조성적충격우위엄중．위응대신동향적충격，아국응실시근미구동보적화폐정책。
At present, monetary policies in USA and Europe have the following five worrying new trends： first, from ＂conventional＂ to ＂unconventional＂ in monetary policy tools; second, from ＂financial market＂ to ＂real economy＂ in monetary policy operation fields; third, from ＂limit＂ to ＂infinity＂ in monetary policy contents; forth, from ＂support economy＂ to ＂support finance＂ in monetary policy functions; fifth, from ＂dissolve risk＂ to ＂amplify risk＂ in monetary policy effects. These changes may have some positive effects on the United States and Europe in the short-term, but in the medium and long term, their negative effects will be far more than their positive effects. The new trend of monetary policies in USA and Europe brings a serious impact on China. In order to cope with the impact, China should carry out a synchronous monetary policy with USA and Europe.