摘要
为了应对新冠肺炎疫情冲击,一些国家央行启动了量化宽松、收益率曲线控制等非常规货币政策工具。本文在收益率曲线控制政策的理论基础上,回顾了美国、日本和澳大利亚收益率曲线控制的政策实践,总结了收益率曲线控制政策的实施背景、政策效果与优点缺陷。在此基础上,本文探析了下阶段美联储实施收益率曲线控制政策的可能性及路径,并指出收益率曲线控制对我国货币政策的启示。
In response to the impact of the COVID-19 pandemic, some central banks have launched unconventional monetary policy measures such as quantitative easing and yield curve controls. Based on a study of yield curve control policies, this article reviews the practices in the United States, Japan and Australia. It summarizes the implementation, policy effects, and advantages and disadvantages of such measures. The article also explores the path of the Fed’s next phase of its yield curve control policy and what this means for China’s monetary policy.
出处
《金融市场研究》
2021年第2期89-98,共10页
Financial Market Research
关键词
收益率曲线控制
国债收益率
价格型调控
Yield Curve Control
Treasury Bond Yields
Price-Based Regulation
