货币政策与国债收益率曲线

Monetary Policy and the Return Curve of Interest Rates of National Debts:

在金融市场比较发达的经济体,利率在货币政策传导中的作用日显重要,作为反映利率水平和期限结构的国债收益率曲线在表达货币政策态势方面表现出独特优势。本文分析了货币政策变动与国债收益率之间在理论上的一般联系,并结合我国国债市场发展的具体情况,研究了我国货币政策与国债收益率变化之间不同于发达国家的特点,并就改进我国货币政策操作提出了建议。

The role of interest rate is more and more important in the transmission of monetary policy on comparatively developed financial market of economic entities.The return curve of national debts as a reflection of the level of interest rate and time limit shows a unique superiority in expressing the state of the monetary.Here is an analysis of the general relations between changes of monetary ploicy and returns of national debts,and a study of the specific characteristics of changes of China's monetary policy and the return of national debts,which is different form that of developed countries,and suggestions for improvements of manipulation of China' s monetary policy.