美联储货币政策与回购操作

Repo operations and the Fed＇s monetary policy

该文在分析美国回购市场的基础上，对美联储回购／逆回购货币政策工具进行了详细分析。2008年金融危机以前，回购和逆回购仅是美联储临时性政策工具，总体交易规模很小。实证结果表明，金融危机后国债隔夜回购的市场交易利率能预测美联储国债隔夜回购利率变动，且美联储的国债隔夜回购利率相对更高。2013年8月，美联储推出隔夜固定利率全额（给定额度内）供应逆回购工具，为将来美联储退出QE过程做准备。2013年最后两个交易日，该工具操作规模分别约为1000亿美元和2000亿美元，引发市场关注。

Based on the review of the US repo market, the article analyzes the repo/reverse repo instruments in the Fed＇s monetary policy. Before the 2008 financial crisis, repos/reverse repos acted only as temporary tools with a small trading scale. Empirical study indicates that DTCC GCF repo index is Granger causality of Fed treasury overnight repo rate, and the latter is higher than the former. In August 2013, the Fed launched a fixed-rate, full-allotment overnight reverse repo facility to prepare for the future QE exit. The Fed drained liquidity of about USD100 and 200 billion from the financial system on the last two trading days of 2013, which draw market concerns.