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在金融市场比较发达的经济体,利率在货币政策传导中的作用日显重要,作为反映利率水平和期限结构的国债收益率曲线在表达货币政策态势方面表现出独特优势。本文分析了货币政策变动与国债收益率之间在理论上的一般联系,并结合我国国债市场发展的具体情况,研究了我国货币政策与国债收益率变化之间不同于发达国家的特点,并就改进我国货币政策操作提出了建议。
In economies with more developed financial markets, the role of interest rates in the conduction of monetary policy is of paramount importance. As a curve reflecting the level of interest rates and the maturity structure, the bond yield curve shows unique advantages in expressing monetary policy. This paper analyzes the general link between the change of monetary policy and the return rate of government bonds and studies the characteristics of the difference between China’s monetary policy and the rate of return of government bonds different from that of the developed countries based on the development of China’s bond market. Put forward some suggestions to improve the operation of monetary policy in our country.