【作者】 林霞；

【导师】 李天德；

【作者基本信息】 四川大学 ， 金融学， 2006， 硕士

【摘要】 利率是资金的时间价值，是资本这一特殊生产要素的价格，利率的调整对于宏观经济与微观经济都具有重要影响。70年代以来，国际范围内的经济金融形势发生了巨大变化，国际金融危机、非典型肺炎的全球性爆发、禽流感的蔓延、国际石油价格急剧攀升，等等，这些国际突发事件使得各国经济发展受到严重冲击。各国政府为走出经济低谷，纷纷动用相应的货币政策和财政政策来调节宏观经济。因此，作为货币政策重要中间工具的利率被市场经济发达的西方国家频频使用，利率波动日益频繁，波动幅度逐渐扩大。 美国是世界上最重要、最发达的市场经济国家，它的金融制度是西方国家中最主要的金融制度之一。经济全球化趋势的进一步加强使得利率越来越国际化，美联储的每一次利率调整都会在学术界和实务界引起极大反响。作为美国中央银行的联邦储备体系，其运用利率工具通过市场力量来影响金融市场的借贷成本，进而影响实际经济活动，它在制定和执行利率政策以控制宏观经济运行方面表现出的技巧是值得我们重视的。因此，比较研究中美两国利率波动周期及政策效应已成为学术界研究的热点问题之一。研究和总结美联储利用利率政策间接调控宏观经济的某些一般性经验，对我国建立间接调控的利率政策体系是有意义的。特别是1996年以来，央行在国内经济形势差强人意的背景下，频频撬动利率杠杆，引得越来越多学者把利率作为影响社会经济的重要政策变量加以研究。 本文参考了国内外已有的研究成果，在对它们进行归纳梳理和去粗取精的基础上，自出新意，用理论与实证相结合、定性与定量相结合的方法，主要从中美两国利率波动周期及宏观政策效应两个方面进行了研究，以期对我国利率更多还原

【Abstract】 The interest rate is the time value of fund, is the price of capital, which is a special production element. The interest rate adjustment influence on macroscopic and microscopic economy critically. Since 70’s, great changes have taken place on economical financial situation in the international scope, the international finance crisis, global eruption of SARS, Bird flu spread, the rise in price of petroleum suddenly, etc, the various countries’ economy development is seriously shocked by these event. These countries use respectively the corresponding monetary policy and the financial policy to adjust the macroscopic economy, in order to go out the economical trough of wave. Therefore, the interest rate is used repeatedly by the market economy developed western nation, which is used important among tool of the monetary policy, at the same time, the interest rate fluctuation is frequent day by day, the margin of fluctuation expands gradually.USA is the most important and the most developed market economy country in the world, American financial system is one of the most main financial systems in the western nation. The further strengthen of economical globalization tendency causes the internationalization of interest rate, Federal Reserve’s each rate adjustment can causes the enormous echo in the academic circles and practical society. Federal Reserve System, as USA Central Bank, it affects the lending cost through the market force by using the interest rate tool, then influence actual economic activity. It is worthy of attaching importance to the skill of formulating and carrying out the interest rate policy to control the macroscopic economical movement aspect.更多还原