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A global economy requires a global currency. ——Paul Vocker

美联储(the Federal Reserve)

联储政策关键字:

公开市场操作(Open Market Operations)
美联储通过公开市场操作来影响市场利率,通过与一级交易商(Primary Dealer)进行回购——比如ONRRP,或者直接的证券购买——比如QE,来影响银行体系内的准备金量,以此影响到政策利率——联邦基金利率(FFR)。

举例来说,联储可以通过公开市场操作投放流动性,比如向一级交易商购买国债,转变为一级交易商在其结算行的一笔存款;也可以通过回购来吸收流动性,比如以自身SOMA组合内的国债为抵押品,向一级交易商“拆入”一笔隔夜回购流动性,在这样的情况下,没有交易商会愿意以低于联储回购利率的利率拆借给其他对手方了,因为联储的回购被视为无风险的,也因此,该回购利率实质上形成了一种市场利率的下限。

相关资料:

隔夜银行融资利率(Overnight Bank Funding Rate)
隔夜银行融资利率(OBFR)是纽联储自2016年年初引入的新的基准利率,也是纽联储替代基准利率委员会(Alternative Reference Rates Committee)ARRC的成果。相比于为大家所熟知的美联储基准利率——联邦基金利率(FFR),OBFR纳入了离岸美元(Eurodollar)的交易信息,包含了更周全的美元货币市场信息(在岸+离岸),因为对于美国的银行而言,他们可以通过在岸——联邦基金市场进行同业拆借,也可以通过离岸——离岸美元市场进行同业拆借。

有关OBFR的详细介绍,可以参考:

联邦基金利率(Federal Fund Rate)
联邦基金利率(FFR)仍然是联储的名义基准利率,相较于OBFR而言,FFR更为狭义,只覆盖了本土银行在岸美元的拆借利率水平。但在当下准备金过剩的环境下,联邦基金市场的参与者结构已经出现了较大的变化,成交规模也大不如前。

相关资料:

贴现窗口借贷工具(Discount Window Lending)
贴现窗口借贷利率当下在联储的利率下限(Floor System)框架中并不占主导地位,但仍然是作为最后贷款人工具(Lender of last resort)的一大核心政策利率。在整个联储的利率管理框架中利率最高(为联邦基金利率,即基准利率+25bp),形式为有抵押(secured lending)。

相关资料:

超额存款准备金利率(Interest on Excess Reserves)
超额存款准备金利率是联储的利率下限体系中的重要政策利率之一,是利率下限体系中的名义上限,对应的下限则是隔夜逆回购利率(参照下方条目),实际政策利率——联邦基金利率则在上限与下限轨道内运行。目前在联储的负债端中,准备金的占比最大,因此,决定准备金的机会成本(超额存款准备金利率),也就设定了利率下限,因为银行不可能以低于准备金利率(也就是联储的目标利率之一)将自己的资金融出。

同时,该利率也会传导到回购利率,因为银行会在货币市场中进行套利,比如以低于超额存款准备金利率的水平拆入回购资金,并将资金存入联储准备金账户以进行无风险套利。但由于一些监管因素,美国的银行当下并没有进行这方面的套利活动,使得有一些货币市场的利率水平要低于超额存款准备金利率。

相关资料:

隔夜逆回购利率(Overnight Reverse Repo)
隔夜逆回购利率亦是联储利率下限系统中的重要利率,是利率下限。隔夜逆回购的目的在于,联储希望为那些没有准备金账户的金融机构开拓一个类似准备金账户的工具,使他们以该利率水平将流动性存放在联储的负债端。而这些机构就不会以低于隔夜逆回购利率水平的利率将资金出借给其他对手方了。

可以使用隔夜逆回购工具的对手方不仅包括40多家交易商以及银行,还包括100多家货币市场基金以及10多家政府支持企业。

相关资料:

非常规货币政策(Unconventional Monetary Policy)
泛指新型的宽松工具,指代的涵义多为传统货币政策框以外(利率走廊体系,公开市场操作)的央行操作,比如美欧日的量化宽松(QE),扭曲操作(OT),超长期再融资计划(TLTRO)等等。

相关资料:

货币政策常态化(Policy Normalization)
重要性极高的联储政策纲领,容易被忽视,联储官网有详细描述,既货币政策常态化的流程定义为先加息后缩表。

相关资料:

利率下限系统(Floor System)
联储在后危机时代使用的新型利率走廊体系变种。详情请阅读本文
*隔断现金账户(Segregated Balance Account)
一种联储创造的新型工具,未投入使用,但设计的思路非常前沿。

相关资料:

纽联储工作论文:隔断现金账户

美联储