NO.PZ2016010802000162
问题如下:
Which of the following is a limitation on the ability of central banks to stimulate growth in periods of deflation?
选项:
A.Ricardian equivalence.
B.The interaction of monetary and fiscal policy.
C.The fact that interest rates have a minimum value (0%).
解释:
C is correct.
Deflation poses a challenge to conventional monetary policy because once the central bank has cut nominal interest rates to zero to stimulate the economy, they cannot cut them further.
考点:Limitation of Monetary Policy
解析:在 deflation 的状态下,利率只能被央行设置到0的水平,却很难被设置到0以下。所以C选项正确。
李嘉图均衡是财政政策的范畴,不会对 deflation 产生影响,所以A选项不入选。
同方向的货币政策和财政政策的联合使用可以强化货币政策效果,而非货币政策的限制。所以B选项不入选。
RT,谢谢