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?