为什么美联储国债持有的期限结构很重要?
陆雅珉
文章
2019/05/30

The Federal Reserve’s balance sheet normalization program mostly focuses on the size of the balance sheet. What do we know about the composition of assets on the balance sheet?

美联储的资产负债表正常化计划主要关注资产负债表的规模。我们对资产负债表的资产构成了解多少?

Average Maturity of Treasuries

国债平均期限

The average maturity of Treasuries on the Fed’s balance sheet increased from about four years before the Great Recession to about eight years today. The figures below show the distribution of the maturity structure of the Treasuries, both held by private investors and the Fed, before and after the Great Recession.

美联储资产负债表上美国国债的平均期限,从大衰退前的4年左右,升至今天的8年左右。下图显示了在大衰退前后,私人投资者和美联储持有的美国国债的期限结构分布。

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