国债收益率曲线的货币政策传导功能研究  

Research on Monetary Policy Transmission Function of Treasury Yield Curve

作　　者：梁红梅[1] 卫坤镕 LIANG Hong-mei;WEI Kun-rong(College of Economics,Northwest Normal University,Lanzhou 730070,China)

机构地区：[1]西北师范大学经济学院,甘肃兰州730070

出　　处：《兰州大学学报（社会科学版）》2020年第2期113-122,共10页Journal of Lanzhou University（Social Sciences）

基　　金：国家自然科学基金项目(71263046)。

摘　　要："十三五"规划中,货币政策改革的重要内容之一是从数量型调控向价格型调控的转变,国债收益率曲线所包含的货币政策传导功能有助于实现这一转变。机理分析和实证研究表明,国债收益率曲线具有一定的价格型货币政策传导功能,具体表现为:货币政策操作目标对国债收益率曲线具有较好的可控性,国债收益率曲线对宏观经济具有较高但不稳定的相关性;国债收益率曲线曲率因子是阻塞传导的主要原因,传导效率仍需进一步提升。In the 13 th Five-Year Plan, a high priority of monetary policy reform has been given to the shift from quantity control to price control,which has been facilitated by the monetary policy transmission function of treasury yield curve(TYC). Mechanism analysis and empirical research show that TYC has a certain transmission function of price-based monetary policy. The operating target of monetary policy has a good controllability to TYC, which has high but unsteady relevance with macro economy. Monetary policy transmission is blocked mainly by TYC’s curvature factor so transmission efficiency still needs further enhancement.

关 键 词：国债收益率曲线 货币政策传导 货币政策转型 宏观经济 金融创新 

分 类 号：F830[经济管理—金融学]