锚定“长期国债波动率”的货币发行新机制——试析美联储扭转操作的原理与影响  

A New Currency System Anchored at Long Term Treasury Volatility: An Analytic Review of Fed's Twist Operation and Its Implication and Impact

作　　者：周洛华[1] 

机构地区：[1]上海大学经济学院

出　　处：《世界经济研究》2013年第6期35-39,88,共5页World Economy Studies

摘　　要：美联储使用创新的扭转操作来实现其量化宽松的货币政策,说明其可能正在尝试通过人为地改变美国国债的风险收益比来达到政策目的。本文引用金融学传统的交易策略分析法来分析美联储扭转操作,认为美联储人为压低了美国长期国债的波动率,使长期国债波动率成为市场新的锚。本文将该操作视为美联储建立一种新的货币发行体系的尝试,并预测未来美联储扭转操作和其他量化宽松货币政策时对世界经济的潜在影响。Federal Reserve has been trying to establish a new currency system by adapting twist operation to reduce the volatility of long term treasury volatility and to maintain it at artificially low level,thus Federal Reserve provides a new anchor to financial market by changing the risk-reward of different assets.Therefore the paper argues that twist operation plays a critical role in a pending new currency system and makes forecast on how it will change the world economy.

关 键 词：扭转操作 波动率 货币发行体系 

分 类 号：F827.12[经济管理—财政学]