NO.PZ2016010802000157
问题如下:
A country that maintains a target exchange rate is most likely to have which outcome when its inflation rate rises above the level of the inflation rate in the target country?
选项:
A.An increase in short-term interest rates.
B.An increase in the domestic money supply.
C.An increase in its foreign currency reserves.
解释:
A is correct.
Interest rates are expected to rise to protect the exchange rate target.
本国通胀上涨超过了目标国会导致本国的汇率上升。通胀上升会导致本国货币贬值,为了保证本国货币不贬值,必须实施一个紧缩的货币政策。
A选项提高短期利率入选。
B选项增加货币供给是一个扩张的货币政策,利率下降,不入选。
C选项增加外汇储备和本题无关。不入选。
1. 为什么要提高短期利率?短期利率提高,长期利率不变,Interest spread就变小了,那就有可能导致经济衰退,经济预期就不好了呀。所以是不是应该提高长期利率?
2. 通胀高了,本币汇率就下降了,这个时候如果央行增加外币持有量,就可以给本币汇率托底,那C为什么不对呢?
谢谢老师。