本文在国债①期限和年限结构的实证分析基础上,重点探讨10年期以上国债增持及30年期定息国债的提前回收(Call)对长期国债收益率走低的影响,并评估美联储不同年限的持债变化对长期国债需求扩张的作用。用于分析的数据样本向前拓展至1997年,目的是研究美国不同年限中长期国债的变 Based on the empirical analysis of the term and term structure of government bonds, this paper focuses on the effect of the pre-recovery of 10-year Treasury bonds plus 30-year fixed-rate Treasury bonds on the yield of long-term Treasury bonds and on the impact of different years of the Federal Reserve The Effect of the Change of the Holding Debt on the Demand Expansion of Long - term Government Bonds. The data sample for analysis was expanded to 1997 to look at the changes in medium and long-term national debt over the years in the United States