宏观经济、货币政策与利率期限结构关系分析

Analysis on the Relationship between Macro Economy,Monetary Policy and Interest Rate Period Structure

采用主成分分析法构建我国国债市场的三因子动态模型,并运用SVAR模型、脉冲响应和方差分解技术分析宏观经济、货币政策和利率期限结构三者之间的关系。最后,根据实证结果为促进债券市场发展和完善货币政策调控机制提出政策建议。

In this paper,I construct the dynamic model of three factors of national debt market,and make analysis on the relationship of macro economy,monetary policy,and interest rate period structure with the SVAR model,impulse response and variance decomposition.Finally,I propose the policy and suggestion for improving the development of bond market and control mechanism of monetary policy.