货币政策的利率期限结构效应的理论解释及其经验证据

文章首先运用一个利率期限结构的预期理论模型，证明了“在预期假说框架内货币政策只能引起收益率曲线平行移动而不会改变它的坡度”这一论断是错误的；接下来运用一个局部均衡模型在利率期限结构的预期理论框架下，证明了货币政策行动模式（参数）会影响货币政策对市场利率的影响效果、利率期限结构（收益率曲线）的斜率及其动态特征；之后用一个基于中关两国比较的经验证据说明上述理论解释的可靠性。

Theoretical Explanation to Effect of Monetary Policy on Term Structure of Interest Rates

The paper based on an expectation theory model on term structure of interest rates proves that the prevailing judgment that monetary policies can only make yield curve an parallel movement but not change its slope is wrong,and that monetary policy motion pattern or parameter may influence the effect of monetary policy for interest rate,the slope rate of term structure of interest rates and its dynamic character with partial equilibrium model under the expectation theory frame of term structure of interest rate.Finally,the paper testifies that theoretical explanation is reliable by means of experience evidence.