The ‘optical spring’ results from dynamical back-action and can be used to improve the sensitivity of cavity-enhanced gravitational-wave detectors. The effect occurs if an oscillation of the cavity length results in an oscillation of the intra-cavity light power having such a phase relation that the light's radiation pressure force amplifies the oscillation of the cavity length. Here, we analyse a Michelson interferometer whose optical-spring cavity includes an additional optical-parametric amplifier with adjustable phase. We find that the phase of the parametric pump field is a versatile parameter for shaping the interferometer's spectral density.