如果美联储提高货币增长率并把它维持在这一新的更高增长率上,最终预期通货膨胀将(),而且短期菲利普斯曲线将()移动。
A.下降,向下
B.下降,向上
C.上升,向下
D.上升,向上
A.下降,向下
B.下降,向上
C.上升,向下
D.上升,向上
每个星期,美国联邦储备委员会都要公布一次10天前那一周的货币供给增长率(这里存在一个10天的时滞是因为美联储需要这段时间收集有关的数据)。经济学家注意到,如果货币供给增长率大于预期水平的话,名义利率将上升;相反,如果货币供给增长率低于预期水平,名义利率将下降。对此存在着两种解释:(1) 原先没有预期到的高货币增长率会提高对未来通货膨胀率的预期,并通过费雪效应相应地提高名义利率;(2) 未预计到的高货币增长率会使得市场认为美联储将采取行动减少货币供给,造成银行信贷减少,但是不会对预期通货膨胀产生影响。你能否运用外汇市场的有关数据对这两种解释进行评价(答案可参见本章参考文献中Engel and Frankel的论文)。
Every week the Federal Reserve announces how quickly the money supply grew in the week ending ten days previously.(There is a ten-day delay because it takes that long to assemble data on bank deposits.)Economists have noticed that when the announced increase in the money supply is greater than expected,nominal interest ratesrisejust after the announcement;they fallwhen the market learns the money supply grew more slowly than expected.Two competing explanations of this phenomenon are (1) unexpectedly high money growth raises expected inflation and thus raises nominal interest rates through the Fisher effect;and (2) unexpectedly high money growth leads the market to expect future Fed action to reduce the money supply,causing a decrease in the amount of deposits supplied to the public by banks but no increase in expected inflation.How would you use data from the foreign exchange market to decide between these two hypotheses? (For an answer,see the paper by Engel and Frankel in Further Reading.)
如果美联储计划减少基础货币,应当
A.提高超额准备金比率;
B.购买美国政府证券;
C.提高现金比率;
D.减少向银行发放的贴现贷款;
E.提高法定准备金率。
A.会消除政策的有效性;
B.会降低政策的有效性;
C.不会影响政策的有效性;
D.会增强政策的有效性。
改革开放以来,中国货币供给的增长率远高于GNP增长率和通货膨胀率之和,这意味着公式(17.6-2)中的系数A不是固定不变的。如果中国的货币流通速度从0.25上升到0.35,借用货币主义者提出的世界通货膨胀模型,分析这一变化使得中国通货膨胀率对世界通货膨胀的影响是变大了,还是变小了。实际情况是怎样的?