{"id":54269,"date":"2023-06-18T11:49:27","date_gmt":"2023-06-18T03:49:27","guid":{"rendered":"https:\/\/\/?p=54269"},"modified":"2023-06-16T14:02:04","modified_gmt":"2023-06-16T06:02:04","slug":"open-market-operations","status":"publish","type":"post","link":"https:\/\/\/open-market-operations\/","title":{"rendered":"\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u4ec0\u9ebc\uff1f\u592e\u884c\u5982\u4f55\u7528\u5b83\u4f86\u63a7\u5236\u8ca8\u5e63\u4f9b\u7d66\u91cf\u53ca\u5229\u7387\uff1f"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-54270\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230613005954_16.jpg\" alt=\"\u516c\u958b\u5e02\u5834\u64cd\u4f5c\" width=\"1413\" 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title=\"\u70ba\u4ec0\u9ebc\u8981\u9032\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u70ba\u4ec0\u9ebc\u8981\u9032\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/open-market-operations\/#%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E4%BE%8B%E5%AD%90\" title=\"\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f8b\u5b50\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f8b\u5b50<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/open-market-operations\/#%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%E8%81%AF%E6%BA%96%E6%9C%83%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E6%95%B8%E6%93%9A%EF%BC%9F\" title=\"\u5982\u4f55\u67e5\u8a62\u806f\u6e96\u6703\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6578\u64da\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5982\u4f55\u67e5\u8a62\u806f\u6e96\u6703\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6578\u64da\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/open-market-operations\/#%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u7e3d\u7d50\uff1a\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u7e3d\u7d50\uff1a\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u516c\u958b\u5e02\u5834\u64cd\u4f5c<\/strong>(\u82f1\u6587\uff1aOpen Market Operations, \u7c21\u7a31OMO)\uff0c\u662f\u6307\u592e\u884c\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8cfc\u8cb7\u6216\u51fa\u552e\u8b49\u5238\uff0c\u85c9\u6b64\u9054\u5230\u63a7\u5236\u8ca8\u5e63\u6d41\u901a\u6578\u91cf\u53ca\u8abf\u63a7\u5229\u7387\u7684\u76ee\u6a19\u3002<\/p>\n<p>\u5c0dFed\u4f86\u8aaa\uff0c\u6240\u8b02\u516c\u958b\u5e02\u5834 Open Market \u7684\u5b9a\u7fa9\uff0c\u6307\u7684\u662f\u9280\u884c\u8207\u4e3b\u8981\u4ea4\u6613\u5546\u53ca\u91d1\u878d\u6a5f\u69cb\u4e4b\u9593\u7684\u4ea4\u6613\uff0c\u800c\u4e0d\u662f\u6211\u5011\u4e00\u822c\u666e\u901a\u4eba\u8cb7\u8ce3\u50b5\u5238\u7684\u6b21\u7d1a\u5e02\u5834\uff0c<\/p>\n<p>\u5982\u679c\u592e\u884c\u4e0d\u662f\u8ddf\u7f8e\u570b\u8ca1\u653f\u90e8(\u516c\u50b5\u7684\u767c\u884c\u8005)\u8cb7\u9032\u50b5\u5238\uff0c\u800c\u662f\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8cb7\u9032\u6216\u8ce3\u51fa\u50b5\u5238\uff0c\u5c31\u7a31\u70ba\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u3002<\/p>\n<p>\u5c0d\u592e\u884c\u8207\u9280\u884c\u4f86\u8aaa\uff0c\u9019\u985e\u4ea4\u6613\u4f7f\u7528\u7684\u4e5f\u4e0d\u662f\u6211\u5011\u4e00\u822c\u4eba\u8a8d\u77e5\u7684\u73fe\u91d1\uff0c\u56e0\u70ba\u5176\u5be6\u9019\u662f\u9280\u884c\u548c\u592e\u884c\u9593\u7684\u4ea4\u6613\uff0c\u592e\u884c\u6e96\u5099\u91d1(Reserves)\u5728\u9019\u4e4b\u4e2d\u4e5f\u7b49\u540c\u73fe\u91d1\u3002<\/p>\n<p>\u800c\u5728\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4e2d\uff0c\u5176\u4e2d\u8cb7\u8ce3\u7684\u8b49\u5238\uff0c\u6703\u662f\u4ee5\u7f8e\u570b\u516c\u50b5\u70ba\u4e3b\u3002<\/p>\n<h3>\u70ba\u4ec0\u9ebc\u806f\u6e96\u6703\u8981\u9032\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff1f<\/h3>\n<p>\u4ee5\u7f8e\u570b\u4f86\u8aaa\uff0c<strong>\u806f\u6e96\u6703(Fed)\u5c31\u662f\u900f\u904e\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8cb7\u8ce3\u77ed\u671f\u7684\u653f\u5e9c\u516c\u50b5(\u6216\u7a31\u570b\u5eab\u5238)\uff0c\u85c9\u6b64\u53bb\u5f71\u97ff\u5229\u7387\u3002<\/strong><\/p>\n<p>\u7f8e\u570b<a href=/index.html"https:\/\/\/waht-is-fed-libor-and-sibor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u6e96\u6703Fed<\/a>\uff0c\u6703\u6839\u64da\u81ea\u8eab<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\uff0c\u5728\u5b9a\u671f\u6703\u8b70\u516c\u544a\u51fa<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u76ee\u6a19\u5229\u7387\u7bc4\u570d<\/a>\uff0c<\/p>\n<p>\u85c9\u7531\u8a2d\u5b9a\u5229\u7387\u7bc4\u570d\uff0c\u4f86\u5c0d\u7d93\u6fdf\u6210\u9577\u3001\u901a\u81a8\u63a7\u5236\u3001\u5c31\u696d\u589e\u52a0\u3001\u532f\u7387\u7a69\u5b9a\u7b49\u7b49\u56e0\u7d20\u7522\u751f\u5f71\u97ff\u3002<\/p>\n<p>\u9019\u88e1\u7684\u5229\u7387\uff0c\u6307\u7684\u662f\u9280\u884c\u540c\u696d\u9593\u7684<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9694\u591c\u62c6\u6b3e\u5229\u7387<\/a>\uff0c\u4e5f\u5c31\u662f\u9280\u884c\u7684\u7d93\u71df\u6210\u672c\uff0c\u5b83\u5229\u7387\u7684\u6578\u503c\u9ad8\u4f4e\uff0c\u6703\u9593\u63a5\u5f71\u97ff\u6574\u500b\u5e02\u5834\u7684\u8a31\u591a\u501f\u8cb8\u548c\u6295\u8cc7\u5229\u7387\u3002<\/p>\n<p>\u4f46Fed\u516c\u544a\u51fa\u4f86\u7684\u76ee\u6a19\u5229\u7387\u7bc4\u570d\uff0c\u53ea\u662f\u5b83\u81ea\u8eab\u7684\u76ee\u6a19\uff0c\u4e26\u4e0d\u7b49\u65bc\u5e02\u5834\u4e0a\u5be6\u969b\u6210\u4ea4\u7684\u5229\u7387\uff0c\u7576\u5e02\u5834\u5be6\u969b\u5229\u7387\u8d85\u51fa\u6216\u4f4e\u65bc\u76ee\u6a19\u7bc4\u570d\u6642\uff0c\u806f\u6e96\u6703\u5c31\u6703\u51fa\u624b\u5e72\u9810\uff0c<\/p>\n<p>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u5e72\u9810\u5e02\u5834\u5229\u7387\u7684\u65b9\u5f0f\u4e4b\u4e00\uff0c\u85c9\u7531\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8cb7\u9032\u6216\u8ce3\u51fa\u50b5\u5238\uff0c\u4f86\u63a8\u5347\u6216\u8005\u58d3\u4f4e\u5229\u7387\u3002<\/p>\n<p>\u7576\u806f\u6e96\u6703\u60f3\u8981\u5347\u606f\u6642\uff0c\u5c31\u628a\u624b\u4e0a\u7684\u50b5\u5238\u8ce3\u6389\uff0c\u5f9e\u5e02\u5834\u628a\u8cc7\u91d1\u56de\u6536\uff0c\u8b93\u9280\u884c\u8cc7\u91d1\u8f03\u7dca\u7e2e\uff0c\u63d0\u9ad8\u9280\u884c\u9593\u7684\u501f\u8cb8\u5229\u7387\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u7576\u806f\u6e96\u6703\u60f3\u8981\u964d\u606f\u6642\uff0c\u5c31\u5927\u91cf\u7684\u8cb7\u5165\u50b5\u5238\uff0c\u4f7f\u5e02\u5834\u4e0a\u8cc7\u91d1\u8b8a\u591a\uff0c\u9280\u884c\u8cc7\u91d1\u5bec\u88d5\uff0c\u85c9\u6b64\u964d\u4f4e\u9280\u884c\u4e4b\u9593\u7684\u501f\u8cb8\u5229\u7387\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u5c0f\u63d0\u9192\uff1a\u53f0\u7063\u592e\u884c\u4e26\u975e\u7528\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f86\u8abf\u6574\u5229\u7387\uff0c\u4e3b\u8981\u662f\u900f\u904e\u516c\u80a1\u884c\u5eab\u7684\u5229\u7387\u8abf\u6574\u4f86\u5e36\u52d5\u6574\u9ad4\u91d1\u878d\u696d\u7684\u5229\u7387\u8b8a\u5316\u3002\u56e0\u53f0\u7063\u7684\u5229\u7387\u4e00\u5b9a\u7a0b\u5ea6\u4e5f\u662f\u8ddf\u8457\u570b\u969b\u8d70\uff0c\u56e0\u6b64\u672c\u6587\u5148\u4e0d\u8a0e\u8ad6\u53f0\u7063\uff0c\u4ee5\u7f8e\u570b\u70ba\u4e3b\u3002<\/p>\n<p>\u5982\u679c\u6d89\u53ca\u5927\u898f\u6a21\u7684\u8cfc\u8cb7\u8b49\u5238\u4ee5\u63d0\u4f9b\u5e02\u5834\u6d41\u52d5\u6027\u8207\u4fe1\u5fc3\uff0c\u523a\u6fc0\u6216\u7a69\u5b9a\u7d93\u6fdf\uff0c\u90a3\u5c31\u4e0d\u55ae\u662f\u5f71\u97ff\u5229\u7387\u7684\u554f\u984c\uff0c\u5c31\u53eb\u505a<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06(QE)<\/a>\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E7%9A%84%E4%BD%BF%E7%94%A8%E6%99%82%E6%A9%9F\"><\/span>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u7684\u4f7f\u7528\u6642\u6a5f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u592e\u884c\u8981\u5be6\u65bd\u8ca8\u5e63\u653f\u7b56\uff0c\u53ef\u4ee5\u4f7f\u7528\u4ee5\u4e0b\u5de5\u5177\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u5b58\u6b3e\u6e96\u5099\u7387<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u91cd\u8cbc\u73fe\u7387<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u516c\u958b\u5e02\u5834\u64cd\u4f5c<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u63db\u532f\u4ea4\u6613<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u975e\u5e38\u898f\u7684\u8ca8\u5e63\u653f\u7b56<\/span><\/li>\n<\/ul>\n<p>\u7b49\u7b49\u3002<\/p>\n<p>\u5176\u4e2d<strong>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u7f8e\u570b\u806f\u6e96\u6703Fed\u6700\u5e38\u7528\u7684\u8ca8\u5e63\u653f\u7b56\u5de5\u5177\u4e4b\u4e00<\/strong>\u3002<\/p>\n<p>\u5176\u4ed6\u5982\u63db\u532f\u4ea4\u6613\u662f\u7528\u4f86\u63a7\u5236\u5916\u532f\u5e02\u5834\uff0c\u800c\u975e\u5e38\u898f\u7684\u8ca8\u5e63\u653f\u7b56\u5de5\u5177\u5982\u91cf\u5316\u5bec\u9b06(QE)\u5247\u901a\u5e38\u662f\u5728\u5229\u7387\u5df2\u7d93\u5f88\u4f4e\uff0c\u4f46\u662f\u7d93\u6fdf\u60c5\u6cc1\u4ecd\u7136\u4e0d\u4f73\u6642\u4f7f\u7528\u3002<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 147.35449735449737%; background-color: #014876; text-align: center;\" colspan=\"3\"><span style=\"color: #ffffff; font-size: 20px;\"><b>\u592e\u884c\u7684\u8ca8\u5e63\u653f\u7b56\u5de5\u5177<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.71957671957672%; text-align: center;\"><b>\u5de5\u5177<\/b><\/td>\n<td style=\"width: 35.44973544973545%; text-align: center;\"><b>\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u505a\u6cd5<\/b><\/td>\n<td style=\"width: 85.18518518518519%; text-align: center;\"><b>\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\u505a\u6cd5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u5b58\u6b3e\u6e96\u5099\u7387<\/td>\n<td style=\"text-align: center;\">\u63d0\u9ad8\u5b58\u6b3e\u6e96\u5099\u7387<\/td>\n<td style=\"text-align: center;\">\u964d\u4f4e\u5b58\u6b3e\u6e96\u5099\u7387<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u91cd\u8cbc\u73fe\u7387<\/td>\n<td style=\"text-align: center;\">\u63d0\u9ad8\u91cd\u8cbc\u73fe\u7387<\/td>\n<td style=\"text-align: center;\">\u964d\u4f4e\u91cd\u8cbc\u73fe\u7387<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u516c\u958b\u5e02\u5834\u64cd\u4f5c<\/td>\n<td style=\"text-align: center;\">\u592e\u884c\u8ce3\u51fa\u50b5\u5238<\/td>\n<td style=\"text-align: center;\">\u592e\u884c\u8cb7\u5165\u50b5\u5238<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" colspan=\"3\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E7%9A%84%E9%A1%9E%E5%88%A5\"><\/span>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u7684\u985e\u5225<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u67092\u7a2e\u985e\u5225\uff1a\u6c38\u4e45\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u548c\u81e8\u6642\u516c\u958b\u5e02\u5834\u64cd\u4f5c<\/p>\n<h3>\u6c38\u4e45\u516c\u958b\u5e02\u5834\u64cd\u4f5c(Permanent Open Market Operations)<\/h3>\n<p>\u6c38\u4e45\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6307\u7684\u662f\u806f\u6e96\u6703\u900f\u904e\u5728\u516c\u958b\u5e02\u5834\u8cb7\u8ce3\u50b5\u5238\u4f86\u9032\u884c\u8ca8\u5e63\u91cf\u7684\u8abf\u63a7\u3002<\/p>\n<p>\u9019\u662f\u806f\u6e96\u6703\u6700\u4e3b\u8981\u4e5f\u662f\u6700\u5e38\u7528\u7684\u8ca8\u5e63\u653f\u7b56\u5de5\u5177\u4e4b\u4e00\uff0c\u900f\u904e\u8cb7\u5165\u50b5\u5238\u4f86\u589e\u52a0\u8ca8\u5e63\u4f9b\u7d66\u91cf\u3001\u900f\u904e\u8ce3\u51fa\u8b49\u5238\u4f86\u6e1b\u5c11\u8ca8\u5e63\u4f9b\u7d66\u91cf\u3002<\/p>\n<h3>\u81e8\u6642\u516c\u958b\u5e02\u5834\u64cd\u4f5c(Temporary Open Market Operations)<\/h3>\n<p>\u81e8\u6642\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u806f\u6e96\u6703\u7528\u4f86\u81e8\u6642\u6027\u8abf\u6574\u9280\u884c\u7cfb\u7d71\u5167\u7684\u53ef\u7528\u6e96\u5099\u91d1\uff0c<\/p>\n<p>\u4e3b\u8981\u900f\u904e\u56de\u8cfc\u5354\u8b70(Repurchase Agreements) \u548c \u9006\u56de\u8cfc\u5354\u8b70(Reverse Repurchase Agreements)\u3002<\/p>\n<p>\u9019\u4e9b\u5354\u8b70\u5927\u591a\u4ea4\u6613\u7684\u662f\u516c\u50b5\u70ba\u4e3b\uff0c\u5c11\u6578\u5247\u5305\u62ec\u4e00\u4e9bMBS\u7b49\u9ad8\u54c1\u8cea\u50b5\u5238\u3002<\/p>\n<p>\u56de\u8cfc\u5354\u8b70\u662f\u8cfc\u8cb7\u8b49\u5238\u4e26\u540c\u610f\u5728\u672a\u4f86\u7684\u65e5\u671f\u51fa\u552e\u8a72\u8b49\u5238\u3002\u7b49\u65bc\u662f\u592e\u884c\u5148\u8ddf\u9280\u884c\u8cb7\u9032\u8b49\u5238\uff0c\u672a\u4f86\u592e\u884c\u518d\u628a\u8b49\u5238\u8ce3\u56de\u53bb\u7d66\u9280\u884c\u3002\u9019\u53ef\u4ee5\u8b93\u9280\u884c\u8b8a\u7684\u66f4\u6709\u6d41\u52d5\u6027\uff0c\u9280\u884c\u53ef\u4ee5\u501f\u7684\u9322\u8b8a\u591a\uff0c\u8b93\u5229\u7387\u4e0b\u964d\u3002<\/p>\n<p>\u9006\u56de\u8cfc\u5354\u8b70\u662f\u806f\u6e96\u6703\u51fa\u552e\u8b49\u5238\u4e26\u540c\u610f\u5728\u672a\u4f86\u7684\u65e5\u671f\u56de\u8cfc\u8a72\u8b49\u5238\u3002\u7b49\u65bc\u662f\u592e\u884c\u5148\u8ce3\u8b49\u5238\u7d66\u9280\u884c\uff0c\u672a\u4f86\u592e\u884c\u518d\u8ddf\u9280\u884c\u8cb7\u56de\u3002\u9019\u53ef\u4ee5\u8b93\u9280\u884c\u7684\u6d41\u52d5\u6027\u6e1b\u5c11\uff0c\u9280\u884c\u53ef\u4ee5\u501f\u7684\u9322\u8b8a\u5c11\uff0c\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<p>\u4f8b\u5982\u7576\u5e02\u5834\u5229\u7387\u4f4e\u65bc\u76ee\u6a19\u5229\u7387\uff0c\u4ee3\u8868\u5e02\u5834\u4e0a\u6709\u5927\u91cf\u7684\u8cc7\u91d1\u3001\u9280\u884c\u6709\u76f8\u7576\u591a\u7684\u8cc7\u7522\u3002\u9019\u6642\u592e\u884c\u53ef\u80fd\u6703\u4f7f\u7528\u9006\u56de\u8cfc\uff0c\u5411\u90e8\u5206\u91d1\u878d\u6a5f\u69cb\u8ce3\u51fa\u8b49\u5238\uff0c\u4e26\u5728\u4e00\u6bb5\u6642\u9593\u5f8c\u8cb7\u56de\uff0c\u8b93\u9280\u884c\u5e33\u4e0a\u7684\u53ef\u7528\u8cc7\u91d1\u6e1b\u5c11\u3001\u964d\u4f4e\u5e02\u5834\u4e0a\u7684\u6d41\u52d5\u6027\uff0c\u6e1b\u5c11\u5e02\u5834\u4e0a\u8cc7\u91d1\u4f9b\u7d66\uff0c\u9054\u5230\u8b93\u5229\u7387\u4e0a\u5347\u7684\u6548\u679c\u3002<\/p>\n<p>\u900f\u904e\u9280\u884c\u6e96\u5099\u91d1\u7684\u8abf\u63a7\uff0c\u53ef\u4ee5\u63a7\u5236\u9280\u884c\u8cc7\u91d1\u7684\u6d41\u52d5\u6027\uff0c\u9032\u800c\u5f71\u97ff<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u90a6\u57fa\u91d1\u5229\u7387<\/a>\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BB%80%E9%BA%BC%E8%A6%81%E9%80%B2%E8%A1%8C%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%EF%BC%9F\"><\/span>\u70ba\u4ec0\u9ebc\u8981\u9032\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8ddf\u5176\u4ed6\u592e\u884c\u4e00\u6a23\uff0c\u7f8e\u570b\u806f\u6e96\u6703\u7684\u4e3b\u8981\u8077\u8cac\u5728\u65bc\u7a69\u5b9a\u7269\u50f9\u3001\u4fc3\u9032\u7d93\u6fdf\u53ca\u5c31\u696d\u7387\u3001\u7a69\u5b9a\u91d1\u878d\u5e02\u5834\u7b49\u3002<\/p>\n<p>\u800c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u53ef\u4ee5\u5354\u52a9\u592e\u884c\u9054\u5230\u4ee5\u4e0a\u76ee\u6a19\u3002<\/p>\n<h3>1. \u900f\u904e\u6c38\u4e45\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f86\u8abf\u63a7\u8ca8\u5e63\u6d41\u901a\u91cf<\/h3>\n<p>\u5982\u679c\u7d93\u6fdf\u60c5\u6cc1\u4e0d\u4f73\u3001\u6d88\u8cbb\u53ca\u5c31\u696d\u4f4e\u8ff7\uff0c\u806f\u6e96\u6703\u53ef\u4ee5\u900f\u904e\u8cb7\u5165\u8b49\u5238\uff0c\u5be6\u65bd\u64f4\u5f35\u6027\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u8b93\u5e02\u5834\u7684\u53ef\u6d41\u901a\u8ca8\u5e63\u589e\u52a0\uff0c\u806f\u90a6\u57fa\u91d1\u5229\u7387\u96a8\u4e4b\u4e0b\u964d\u3002<\/p>\n<p>\u5982\u6b64\u4e00\u4f86\uff0c\u4f01\u696d\u7684\u7d93\u71df\u6210\u672c\u8b8a\u4f4e\u3001\u4f4e\u5229\u7387\u4e5f\u6703\u523a\u6fc0\u6d88\u8cbb\u8005\u7684\u6d88\u8cbb\u617e\u671b\u53ca\u80fd\u529b\uff0c\u9032\u800c\u63d0\u5347\u6d88\u8cbb\u5e02\u5834\u7684\u6d3b\u7d61\u5ea6\uff0c\u5c31\u696d\u7387\u4e5f\u6703\u56e0\u800c\u589e\u52a0\u3002<\/p>\n<p>\u5982\u679c\u7d93\u6fdf\u767c\u5c55\u904e\u71b1\uff0c\u6216\u662f\u901a\u8ca8\u81a8\u8139\u4e0a\u5347\u904e\u5feb\uff0c\u806f\u6e96\u6703\u53ef\u4ee5\u900f\u904e\u8ce3\u51fa\u8b49\u5238\uff0c\u5be6\u65bd\u7dca\u7e2e\u6027\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u8b93\u5e02\u5834\u7684\u53ef\u6d41\u901a\u8ca8\u5e63\u6e1b\u5c11\uff0c\u806f\u90a6\u57fa\u91d1\u5229\u7387\u96a8\u4e4b\u4e0a\u5347\u3002<\/p>\n<p>\u5982\u6b64\u4e00\u4f86\uff0c\u4f01\u696d\u53ca\u500b\u4eba\u5728\u6295\u8cc7\u53ca\u6d88\u8cbb\u4e0a\u90fd\u6703\u66f4\u70ba\u4fdd\u5b88\uff0c\u4f7f\u5f97\u6d88\u8cbb\u6e1b\u7de9\uff0c\u6291\u5236\u904e\u9ad8\u7684\u7269\u50f9\uff0c\u85c9\u6b64\u63a7\u5236\u901a\u81a8\u53ca\u904e\u71b1\u7684\u7d93\u6fdf\u3002<\/p>\n<h3>2. \u900f\u904e\u81e8\u6642\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f86\u8abf\u63a7\u9280\u884c\u6e96\u5099\u91d1<\/h3>\n<p>\u806f\u6e96\u6703\u53ef\u4ee5\u900f\u904e\u56de\u8cfc\u5354\u8b70\u53ca\u9006\u56de\u8cfc\u5354\u8b70\u4f86\u8abf\u6574\u9280\u884c\u9593\u6e96\u5099\u91d1\u7684\u5132\u5099\u91cf\u53ca\u6d41\u901a\u6027\u3002\u900f\u904e\u6e96\u5099\u91d1\u7684\u8abf\u6574\uff0c\u4e5f\u80fd\u6709\u6548\u5f71\u97ff\u806f\u90a6\u57fa\u91d1\u5229\u7387\u3002<\/p>\n<p>\u5982\u679c\u60f3\u8981\u964d\u4f4e\u5e02\u5834\u5229\u7387\uff0c\u53ef\u4ee5\u5be6\u65bd\u56de\u8cfc\u5354\u8b70\uff0c\u900f\u904e\u8cb7\u5165\u8b49\u5238\uff0c\u5148\u5c07\u8cc7\u91d1\u6ce8\u5165\u5e02\u5834\uff0c\u9032\u800c\u4f7f\u5229\u7387\u964d\u4f4e\u3002<\/p>\n<p>\u5982\u679c\u60f3\u8981\u63d0\u9ad8\u5e02\u5834\u5229\u7387\uff0c\u53ef\u4ee5\u5be6\u65bd\u9006\u56de\u8cfc\u5354\u8b70\uff0c\u900f\u904e\u8ce3\u51fa\u8b49\u5238\uff0c\u5c07\u8cc7\u91d1\u5f9e\u5e02\u5834\u4e2d\u6536\u56de\uff0c\u9032\u800c\u4f7f\u5229\u7387\u5347\u9ad8\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E4%BE%8B%E5%AD%90\"><\/span>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4f8b\u5b50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u7684\u65b9\u5411\uff0c\u4e00\u822c\u6703\u8ddf\u7576\u6642\u9577\u671f\u7684\u8ca8\u5e63\u653f\u7b56\u6709\u95dc\uff0c<\/p>\n<p>\u4f8b\u5982\u6301\u7e8c\u64f4\u5f35\u7684\u6642\u671f\uff0c\u592e\u884c\u5c31\u6703\u6301\u7e8c\u8cb7\u5165\u8b49\u5238(\u516c\u50b5)\uff0c\u8b93\u8cc7\u91d1\u6d41\u5165\u5e02\u5834(\u592e\u884c\u4ed8\u9322\u8cb7\u50b5\u5238\uff0c\u800c\u5e02\u5834\u4e0a\u8ce3\u51fa\u50b5\u5238\u5247\u662f\u5f97\u5230\u8cc7\u91d1)\u3002<\/p>\n<p>\u57282020\u5e74Q1\u65b0\u51a0\u80ba\u708e\u7206\u767c\u5f8c\uff0c\u806f\u6e96\u6703\u70ba\u4e86\u7de9\u89e3\u75ab\u60c5\u9020\u6210\u7684\u58d3\u529b\uff0c\u5be6\u65bd\u7121\u9650QE\uff0c\u5927\u91cf\u5f9e\u5e02\u5834\u8cb7\u5165\u8b49\u5238\uff0c\u5411\u5e02\u5834\u6ce8\u5165\u8cc7\u91d1\u3002\u4e26\u4e14\u4f7f\u7528\u56de\u8cfc\u5354\u8b70\uff0c\u78ba\u4fdd\u9280\u884c\u80fd\u4fdd\u6301\u5145\u8db3\u7684\u6e96\u5099\u91d1\u3002<\/p>\n<p>\u9280\u884c\u8cc7\u7522\u4e0a\u8cc7\u91d1(\u592e\u884c\u6e96\u5099\u91d1)\u589e\u52a0\u3001\u8b49\u5238\u6e1b\u5c11\uff0c\u800c\u592e\u884c\u5247\u662f\u8cc7\u7522\u4e0a\u8b49\u5238\u589e\u52a0\uff0c\u8ca0\u50b5\u4e0a\u6e96\u5099\u91d1\u589e\u52a0\u3002<\/p>\n<p>\u5f9e\u4e0b\u8868\u53ef\u4ee5\u770b\u51fa\uff0c\u57282020\u5e74Q1\u53caQ2\uff0c\u806f\u6e96\u6703\u8cfc\u8cb7\u7f8e\u570b\u516c\u50b5\u7684\u91d1\u984d\u5927\u5e45\u63d0\u5347\uff0c2020\u5e74Q1\u7684\u8cb7\u5165\u91d1\u984d\u662f\u4e0a\u4e00\u5b63\u7684\u7d045\u500d\u3002<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 98.89012208657047%; background-color: #014876; text-align: center;\" colspan=\"3\"><span style=\"color: #ffffff; font-size: 20px;\"><b>\u806f\u6e96\u6703\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u4ea4\u6613\u91d1\u984d<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><b>\u6642\u9593<\/b><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><b>\u516c\u50b5\u8cb7\u5165\u91d1\u984d<\/b><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\"><b>\u8cb7\u5165\u516c\u50b5\u539f\u56e0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2019Q4<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">2,122\u5104\u7f8e\u5143<\/span><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\"><a href=/index.html"https:\/\/\/fed-balance-sheet-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2020Q1<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">10,059\u5104\u7f8e\u5143<\/span><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\" rowspan=\"2\"><span style=\"font-weight: 400;\">2020\u5e743\u6708\u5168\u7403\u7206\u767c\u65b0\u51a0\u80ba\u708e\uff0c\u7f8e\u570b\u65bc3\/15\u5ba3\u5e03\u898f\u6a21\u90547,000\u5104\u7684\u91cf\u5316\u5bec\u9b06(QE)\uff0c\u4e26\u65bc3\/23\u64f4\u5927\u5230\u7121\u9650QE<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2020Q2<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">8,678\u5104\u7f8e\u5143<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2020Q3<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">2,330\u5104\u7f8e\u5143<\/span><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\"><span style=\"font-weight: 400;\">\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2020Q4<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">2,340\u5104\u7f8e\u5143<\/span><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\"><span style=\"font-weight: 400;\">\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.09100998890122%; text-align: center;\"><span style=\"font-weight: 400;\">2021Q1<\/span><\/td>\n<td style=\"width: 23.640399556048838%; text-align: center;\"><span style=\"font-weight: 400;\">2,517\u5104\u7f8e\u5143<\/span><\/td>\n<td style=\"width: 57.158712541620424%; text-align: center;\"><span style=\"font-weight: 400;\">\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 98.89012208657047%; text-align: right;\" colspan=\"3\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u4f86\u6e90\uff1aFederal Reserve Bank of New York<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<\/span><a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Mr. Market\u5e02\u5834\u5148\u751f<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%E8%81%AF%E6%BA%96%E6%9C%83%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E6%95%B8%E6%93%9A%EF%BC%9F\"><\/span>\u5982\u4f55\u67e5\u8a62\u806f\u6e96\u6703\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6578\u64da\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8981\u67e5\u8a62\u806f\u6e96\u6703\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u7684\u4ea4\u6613\u8cc7\u6599\uff0c\u53ef\u4ee5\u4e0a\uff1a<a href=/index.html"https:\/\/www.newyorkfed.org\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7d10\u7d04\u806f\u90a6\u5132\u5099\u9280\u884c\u5b98\u7db2<\/a><\/p>\n<p>\u6309\u7167\u4e0b\u57163\u500b\u6b65\u9a5f\uff0c\u5373\u53ef\u67e5\u770b\u806f\u6e96\u6703\u5f9e2010\u5e74\u81f3\u4eca\u6bcf\u4e00\u5b63\u7684\u516c\u958b\u5e02\u5834\u4ea4\u6613\u64cd\u4f5c\u6578\u64da\u3002<\/p>\n<p>\u4e0d\u904e\u8981\u6ce8\u610f\u7684\u662f\uff0c\u9019\u500b\u6578\u64da\u662f\u843d\u5f8c\u7684\uff0c\u4ee5\u5beb\u6587\u7576\u4e0b2023\u5e74Q2\u4f86\u8aaa\uff0c\u806f\u6e96\u6703\u8cc7\u6599\u53ea\u6709\u516c\u5e03\u52302021\u5e74Q1\u3002<\/p>\n<p><img decoding=\"async\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230613010344_35.jpg\" alt=\"\u67e5\u8a62\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6b65\u9a5f1\" width=\"1413\" height=\"740\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54272\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230613010401_81.jpg\" alt=\"\u67e5\u8a62\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6b65\u9a5f2\" width=\"1413\" height=\"740\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54273\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230613010419_96.jpg\" alt=\"\u67e5\u8a62\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6b65\u9a5f3\" width=\"1413\" height=\"740\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E5%85%AC%E9%96%8B%E5%B8%82%E5%A0%B4%E6%93%8D%E4%BD%9C%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u7e3d\u7d50\uff1a\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u6307\u592e\u884c\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8cfc\u8cb7\u6216\u51fa\u552e\u8b49\u5238\uff0c\u85c9\u6b64\u9054\u5230\u63a7\u5236\u8ca8\u5e63\u6d41\u901a\u6578\u91cf\u53ca\u8abf\u63a7\u5229\u7387\u7684\u76ee\u6a19\u3002<\/li>\n<li>\u6c38\u4e45\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u6307\u7684\u662f\u806f\u6e96\u6703\u900f\u904e\u5728\u516c\u958b\u5e02\u5834\u8cb7\u8ce3\u50b5\u5238\u4f86\u9032\u884c\u8ca8\u5e63\u91cf\u7684\u8abf\u63a7\u3002<\/li>\n<li>\u81e8\u6642\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u662f\u806f\u6e96\u6703\u7528\u4f86\u81e8\u6642\u6027\u8abf\u6574\u9280\u884c\u7cfb\u7d71\u5167\u7684\u53ef\u7528\u6e96\u5099\u91d1\uff0c\u4e3b\u8981\u900f\u904e\u56de\u8cfc\u5354\u8b70\u548c\u9006\u56de\u8cfc\u5354\u8b70\u3002<\/li>\n<li>\u85c9\u7531\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff0c\u592e\u884c\u53ef\u4ee5\u9054\u5230\u7a69\u5b9a\u7269\u50f9\u3001\u4fc3\u9032\u7d93\u6fdf\u53ca\u5c31\u696d\u7387\u3001\u7a69\u5b9a\u91d1\u878d\u5e02\u5834\u7b49\u76ee\u6a19\u3002<\/li>\n<\/ol>\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<ol>\n<li><a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Fed\u5982\u4f55\u5f71\u97ff\u5e02\u5834\u5229\u7387\uff1f\u4e00\u6b21\u641e\u61c2\u806f\u6e96\u6703\u8ca8\u5e63\u653f\u7b56<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06\u662f\u4ec0\u9ebc\uff1f\u5c0d\u80a1\u5e02\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/monetary-policy-vs-fiscal-policy\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56\u8207\u8ca1\u653f\u653f\u7b56\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/what-is-raise-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener 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