“扭曲操作”的由来及意义研究

摘 要
2011年，为缓解美国金融市场的动荡，防止经济下滑，美联储在实施两轮量化宽松货币政策的基础上又推出新的政策手段——利率期限结构扭曲操作，出台后即刻成为全球关注的热点。简单的概述为：通过卖出较短期的国债，买入较长期的国债，从而抬高短期利率，压低长期利率，即相当于将收益曲线扭转。美国联邦储备银行推出的利率期限结构的扭曲操作对国际资本流动，甚至对我国经济金融运行都将造成一定的影响。
本文分析美国联邦储备银行扭曲操作政策的内容、目的及其对经济的影响，并揭示美国联邦储备银行为了解救金融危机及刺激疲弱的经济，通过放宽其资产负债表的质量水平及置换所持有的资产组合期限，可以对金融机构与政府提供信贷援助及扭曲利率市场。但是根据本文分析，量化宽松及扭曲操作最终只会将美国经济引领到通胀失控或滞胀的境地。

关键词 : 美国  利率期限结构  扭曲操作 量化宽松政策
Abstract
On 2011, In order to relieve the turmoil of financial market in America and prevent economic slowdown, Federal Reserve put forward a new policy——the distort operation on term structure, based on quantitative easing monetary policy. The policy became a point concerned by all over the world when it came out. Simply stating, the yield curve achieved to change by selling short-term national bond and buying long-term national bonds to raise short-term interest rates and lower long-term interest rates. This policy will influence not only the international capital movements but also our economy.
The paper analyzes the content, aims and influence on economy of the new policy. In addiction, it uncovers that the bank of Federal Reserve offers credit assistance to the bank and government to stimulate the week economy by loosing the quality of balance sheet and replacing the limit of asset portfolio. However, according to my analysis, quantitative easing and operation twist will finally lead to inflation or stagflation.

Key words : The United States of America  The term structure of interest rates  Twisting operation  Quantitative easing policy

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