本文研究利率期限结构对宏观经济政策的动态响应问题,运用新凯恩斯主义框架下的宏观金融模型,考察利率期限结构在不同政策冲击下的运动机制。研究发现,利率期限结构对货币政策的冲击反应强度大,响应时间短,冲击反应集中在短端利率;对财政政策的冲击反应虽然强度小,但响应时间长,冲击反应集中在中长端利率,且生产性与非生产性财政支出存在利率响应方向相反的现象。研究结论表明,货币政策通过调节政策利率改变了短期资金杠杆,对经济运行具有微调效果;财政政策直接作用于经济实体,影响中长期利率,政策效应更为持续。 This paper studies the dynamic response of the term structure of interest rates to macroeconomic policies and uses the macro-financial model under the New Keynesian framework to examine the movement mechanism of the interest rate term structure under different policy shocks. The study finds that the impact of term structure of interest rate on monetary policy is strong, the response time is short, and the impact of reaction is concentrated on the short-term interest rate. Although the impact of fiscal policy is less intensity, but the response time is longer, the impact of the reaction is concentrated in the long- , And there is a phenomenon that the opposite of interest rate response exists between productive and non-productive fiscal expenditures. The conclusion of the study shows that the monetary policy has changed the short-term capital leverage by adjusting the policy interest rate, which has a fine adjustment effect on the economic operation. The fiscal policy directly affects the economic entity and affects the medium and long-term interest rates, and the policy effect is more continuous.