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Dawn · 2022年08月08日

Yield curve and the monetary and fiscal policy mix

问题如下:

In response to the projected cyclical decline in the Eastland economy and in private sector borrowing over the next year, Hadpret expects a change in the monetary and fiscal policy mix. He forecasts that the Eastland central bank will ease monetary policy.On the fiscal side, Hadpret expects the Eastland government to enact a substantial tax cut. As a result, Hadpret forecasts large government deficits that will be financed by the issuance of long-term government securities.

Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret.


选项:

解释:


With the central bank easing and the economy contracting, policy rates will be declining and will be expected to decline further as the central bank aims to counteract downward momentum in the economy. Bond yields also decline but by a lesser amount, so the yield curve steepens. The yield curve will typically continue to steepen during the contraction phase as the central bank continues to ease, reaching its steepest point just before the initial recovery phase.



请问 如果Loose monetary policy 推高了通胀,那nominal interest rate 不应该增加吗?所以yield 不应该也增加吗?

1 个答案

源_品职助教 · 2022年08月09日

嗨,努力学习的PZer你好:



这题出的不太好,考得是考纲修改前的结论。而非现在教材的结论

现在教材说货币政策影响通胀,财政政策影响真实利率

但是考纲修改前,教材说的是,货币政策影响短期利率,财政政策影响长期利率。

宽松货币政策导致短期利率下降,宽松财政政策导致长期利率上升(投资增加,长期利率上升)。

所以收益率曲线变得陡峭。

这题了解下大致思路即可,考试还是会考现在教材上的内容。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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