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lcrcp3 · 2023年10月11日

如题

NO.PZ2023040601000072

问题如下:

Exhibit 1 provides some key points for the countries Morgan will be writing about in this week's economic update. Morgan discusses with Chan what these factors indicate about each country’s economic cycle and how they affect policy interest rates and fixed-income markets.


Based on the information in Exhibit 1, which country should most likely have a policy rate above the neutral rate?

选项:

A.

Japan

B.

United Kingdom

C.

Switzerland

解释:

A is correct. Japan is experiencing a positive output gap and an aggregate increase in borrowing. These factors are consistent with an economy that is producing beyond its sustainable capacity. As such, the appropriate policy rate should be above the neutral rate.

B is incorrect because inflation expectations have become more volatile, and equity risk premiums are increasing rapidly. These factors are not associated with an economy that is producing beyond its sustainable capacity.

C is incorrect because individuals have increased their marginal utility from consumption, and consumers have reduced borrowing levels. These factors are more likely associated with an economy that is producing below its sustainable capacity.

1.问题问的是哪国会有高利率吗?

2.日本那两句话说的是什么意思?先翻译一下中文,再解释一下为什么导致利率变高。

3.波动率增大利率更高,对不对?对的话为什么不选B?

3 个答案

星星_品职助教 · 2023年10月17日

回复提问三:B选项说的是通货膨胀率的波动大,不是经济波动大导致利率更高。本题问的也不是利率是否更高。

星星_品职助教 · 2023年10月17日

回复提问二:经济在经历正的产出缺口。借债增多。这种情况说明经济过热,结论为政策利率大于中性利率。


星星_品职助教 · 2023年10月17日

回复提问一:问的是哪国的政策利率要比中性利率高。