本书是基于第一作者的博士论文撰写而成的英文专著。全书结合理论分析与实证研究，基于传统及非传统货币政策时期的收益率曲线变动情况，剖析国债、公司债及实体经济发展间的相互关联及传导路径,提出针对性的建议，以期丰富债券收益率曲线、货币政策传导的有关研究，也可为我国利率期限结构有关研究提供借鉴参考。

本书是基于第一作者的博士论文撰写而成的英文专著。全书结合理论分析与实证研究，基于传统及非传统货币政策时期的收益率曲线变动情况，剖析国债、公司债及实体经济发展间的相互关联及传导路径。具体来说，首先通过对利率期限结构已有研究问题、研究方法进行归纳梳理，概括该领域文献综述，提出现存研究中尚未关注到的重要问题；随后，使用美国、澳大利亚等经历过传统、非传统货币政策两个不同时期的国家的国债、公司债收益率曲线数据，通过利率期限结构模型方法，实证分析债券利率变动与货币政策传导路径间的联系；最后，基于前文的分析，提出针对性的建议，以期丰富债券收益率曲线、货币政策传导的有关研究，也可为我国利率期限结构有关研究提供借鉴参考。

Chapter 1 Introduction / 1Chapter 2 Government Yields and Credit Spreads / 82. 1 Introduction / 82. 2 Preliminary Analysis / 152. 2. 1 Data Description / 152. 2. 2 Principal Component Analysis / 212. 3 Joint Term Structure Model of Government Yields and CreditSpreads / 242. 3 . 1 Model Setup / 252. 3 . 2 Model Specification / 272. 3 . 3 Estimation Method / 322. 3 . 4 Estimation Results / 332. 3 . 5 Yield Curve Decomposition / 492. 3 . 6 Out?of?Sample Forecast / 552. 4 Concluding Remarks / 57Chapter 3 Treasury Yields at the Zero Lower Bound :Evidence from Australia / 593. 1 Introduction / 593. 2 Data Description / 623 . 2. 1 Treasury Yields / 623 . 2. 2 U . S . Monetary Policy Stance / 643 . 2. 3 Reserve Bank of Australia,s Holdings of TreasurySecurities / 643. 3 Preliminary Regression Analysis / 643 . 3 . 1 Unconventional Monetary Policy Variable / 643 . 3 . 2 Regression Analysis / 663. 4 Model Setup / 693 . 4. 1 Gaussian Affine Term Structure Model / 703 . 4. 2 Shadow Rate Term Structure Model / 7 13. 5 Estimation Methodology / 723 . 5 . 1 Gaussian Affine Term Structure Model / 723 . 5 . 2 Shadow Rate Term Structure Model / 733. 6 Estimation Results / 733 . 6. 1 Estimated Yield Curves / 733 . 6. 2 Factor Loadings / 783 . 6. 3 Estimated State Variables / 803 . 6. 4 Parameter Estimates / 8 13. 7 Term Premium / 843. 8 Conclusion Remarks / 873. 9 Derivation / 873 . 9. 1 Derivation A / 873 . 9. 2 Derivation B / 89Chapter 4 Conclusions / 91Appendix / 93Appendix A Policy Tools / 93A . 1 Open Market Operations / 93A . 2 Discount Window / 95A . 3 Reserve Requirements / 101A . 4 Interest on Reserve Balances / 103A . 5 Overnight Reverse Repurchase Agreement Facility / 104A . 6 Term Deposit Facility / 105A . 7 Central Bank Liquidity Swaps / 106A . 8 Foreign and International Monetary Authorities ( FIMA)Repo Facility / 106A . 9 Standing Overnight Repurchase Agreement Facility / 107A . 10 Expired Policy Tools / 108Appendix B Explainers / 109B . 1 What is Monetary Policy / 109B . 2 The Transmission of Monetary Policy / 1 15B . 3 How the Reserve Bank Implements MonetaryPolicy / 120B . 4 Unconventional Monetary Policy / 126References / 139Postscript / 148