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许诺 · 2023年08月11日

关于quantitative easing (QE) 在liquidity trap中的作用

NO.PZ2022071403000080

问题如下:

Question

As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?

选项:

A.Deflationary trap B.Declining bank reserves and economic activity C.Liquidity trap

解释:

Solution

B is correct. Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any assets. The idea is that this additional reserve will kick-start lending, causing broad money growth to expand, which will eventually lead to an increase in real economic activity.

A is incorrect. Deflation is a pervasive and persistent fall in a general price index and is more difficult for conventional monetary policy to deal with than inflation. This is because once the monetary authority has cut nominal interest rates to zero to stimulate the economy, it cannot cut them any further. It is at this point that the economic conditions for a liquidity trap arise. Deflation raises the real value of debt, while the persistent fall in prices can encourage consumers to put off current consumption, leading to a fall in demand that leads to further deflationary pressure. Thus a deflationary “trap” can develop, which is characterized by weak consumption growth, falling prices, and increases in real debt levels.

C is incorrect. A liquidity trap is associated with occasions where the demand for money becomes infinitely elastic—that is, where the demand curve is horizontal and individuals are willing to hold additional money balances without any change in the interest rate—so that further injections of money into the economy will not serve to further lower interest rates or affect real activity. In this extreme circumstance, monetary policy can become completely ineffective.

A正确。当政府增加支出的幅度与增加税收的幅度相同时,总需求就会增加,因为可支配收入中的边际消费倾向小于1,因此可支配收入每减少1美元,支出只减少c美元(其中c是边际消费倾向)。总支出的下降幅度将小于增税幅度的一个系数c。这种额外的产出反过来又会通过乘数效应导致收入和产出的进一步增加。

B不正确。当政府增加支出的幅度与增加税收的幅度相同时,总需求就会增加,因为可支配收入中的边际消费倾向小于1,因此可支配收入每减少1美元,支出只减少c美元(其中c是边际消费倾向)。总支出的下降幅度将小于增税幅度的一个系数c。这种额外的产出反过来又会通过乘数效应导致收入和产出的进一步增加。

C选项不正确。当政府增加支出的幅度与增加税收的幅度相同时,总需求就会增加,因为可支配收入中的边际消费倾向小于1,因此可支配收入每减少1美元,支出只减少c美元(其中c是边际消费倾向)。总支出的下降幅度将小于增税幅度的一个系数c。这种额外的产出反过来又会通过乘数效应导致收入和产出的进一步增加。

请问老师:

何老师课上讲到liquidity trap与deflation 相关,提出在liquidity trap的情景下,传统货币政策不是无效吗?不是只能采取QE吗?到这题答案又完全反过来是怎么回事?这道题目分析解释我完全理解,课上知识点我也理解,但就这题而言,它本质到底在考察什么?要是考试出这种题,量化宽松能不能作为deflation,liquidity trap的解决方案呢?

1 个答案

笛子_品职助教 · 2023年10月18日

嗨,努力学习的PZer你好:


Hello,亲爱的同学~


QE是否一定能解决流动性陷阱,这个不一定的。

有的国家实施QE,解决了流动性陷阱问题。有的国家实施了QE,依然没有解决流动性陷阱。


教材上是说,遇到流动性陷阱的时候,传统货币政策无效,要使用新的货币政策手段例如QE。

至于QE是否一定能够有效,则不一定。


这就类似,西医已经宣布病人无救,靠着西医不可能活过来了。这个时候可以寻求中医。但是中医是否一定有效,则不一定。


西医就是传统货币政策,中医就是QE。

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NO.PZ2022071403000080 问题如下 Question a monetary politool, quantitative easing (QE) will most likely help revive ailing economy in whiof the following environments? A.flationary tr B.clining bank reserves aneconomic activity C.Liquity tr SolutionB is correct. Quantitative easing (QE) is “unconventional” approato monetary polianis operationally similto open market purchase operations but concteon a mularger scale. The aitionreserves createcentrbanks in a poliof quantitative easing cuseto buy any assets. The ia is ththis aitionreserve will kick-start lenng, causing bromoney growth to expan whiwill eventually leto increase in reeconomic activity.A is incorrect. flation is a pervasive anpersistent fall in a generpriinx anis more fficult for conventionmonetary polito with thinflation. This is because onthe monetary authority hcut nomininterest rates to zero to stimulate the economy, it cannot cut them any further. It is this point ththe economic contions for a liquity trarise. flation raises the revalue of bt, while the persistent fall in prices cencourage consumers to put off current consumption, leang to a fall in manthlea to further flationary pressure. Thus a flationary “trap” cvelop, whiis characterizeweconsumption growth, falling prices, anincreases in relevels.C is incorrect. A liquity tris associatewith occasions where the manfor money becomes infinitely elastic—this, where the mancurve is horizontaninvials are willing to holaitionmoney balances without any change in the interest rate—so thfurther injections of money into the economy will not serve to further lower interest rates or affereactivity. In this extreme circumstance, monetary policbecome completely ineffective.B正确。量化宽松(QE)是一种“非常规”的货币政策手段,在操作上类似于公开市场购买操作,但规模要大得多。央行在量化宽松政策下创造的额外储备可以用来购买任何资产。央行的想法是,这一额外准备金将启动放贷,导致广义货币增长扩大,最终导致实体经济活动增加。A不正确。通货紧缩是一种普遍的、持续的价格指数下跌,用常规货币政策来应对比通货膨胀更困难。这是因为,一旦货币当局将名义利率降至零以刺激经济,它就无法再进一步降息。正是在这一点上,流动性陷阱的经济条件出现了。通货紧缩提高了债务的实际价值,而价格的持续下跌可能会鼓励消费者推迟当前的消费,导致需求下降,从而导致进一步的通货紧缩压力。这样就会形成一个通货紧缩的“陷阱”,其特点是消费增长疲软、价格下跌和实际债务水平上升。C不正确。流动性陷阱与货币需求变得无限弹性的情况有关——也就是说,需求曲线是水平的,个人愿意在利率没有任何变化的情况下持有额外的货币余额——因此,进一步向经济注入资金将不会进一步降低利率或影响实际活动。在这种极端情况下,货币政策可能完全失效。 没有懂为什么选B不选A?不是用来解决flation的嘛

2023-10-17 15:37 1 · 回答

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2023-02-24 09:52 1 · 回答