NO.PZ202206070100000404
问题如下:
Tolliver’s statement is most likely:选项:
A.correct. B.incorrect with the phase of the business cycle. C.incorrect with regard to monetary policy.解释:
Solution
A is correct. The yield curve is becoming steeper for short-term rates and flattening for longer-term rates which is consistent with the early expansion phase of the business cycle. Also, consistent with the early expansion phase of the business cycle, monetary policy is becoming less stimulative.
B is incorrect. The yield curve is becoming steeper for short-term rates and flattening for longer-term rates which is consistent with the early expansion phase of the business cycle.
C is incorrect. Consistent with the early expansion phase of the business cycle, monetary policy is becoming less stimulative.
本题考查的是不同经济阶段收益率曲线的特点
A是正确的。短期利率的收益率曲线变得陡峭,长期利率的收益率曲线趋于平缓,这与商业周期的早期扩张阶段相一致。此外,与商业周期早期扩张阶段一致的是,货币政策正变得缺少刺激性。
B是不正确的。短期利率的收益率曲线变得陡峭,长期利率的收益率曲线趋于平缓,这与商业周期的早期扩张阶段相一致。
C是不正确的。与商业周期早期扩张阶段一致,货币政策正变得不那么具有刺激性。
老师请问,less stimulative是指monetary policy变得loose吗?这题的解题思路是否可以从taylor rule入手?起始rate是1.23%,taylor rule计算出来的目标利率是2%,利率需要提升,monetary policy需要变得restrictive.