NO.PZ2023071902000026
问题如下:
QuestionUnder which economic conditions is quantitative easing (QE) most likely to aid in the recovery of a struggling economy?
选项:
A.Deflationary trap
B.Declining bank reserves and economic activity
C.Liquidity trap
解释:
Solution
- Incorrect. A deflationary spiral refers to a persistent and widespread decrease in the general price index, posing greater challenges for conventional monetary policies compared to inflation. Once nominal interest rates are lowered to zero by the monetary authority to stimulate the economy, they cannot be further reduced. At this stage, the conditions for a liquidity trap come into play. Deflation raises the real value of debt, while falling prices may discourage current consumption, leading to reduced demand and further deflationary pressure. Consequently, a deflationary "trap" may develop, characterized by sluggish consumption growth, falling prices, and rising levels of real debt.
- Correct. Quantitative easing (QE) is an "unconventional" monetary policy approach, operationally similar to open market purchase operations but conducted on a larger scale. Central banks create additional reserves through QE, which can be used to purchase various assets. The intention is to stimulate lending, leading to broader money growth and, ultimately, an increase in real economic activity.
- Incorrect. A liquidity trap occurs when the demand for money becomes infinitely elastic, meaning the demand curve is horizontal, and individuals are willing to hold extra money balances without any change in interest rates. In this extreme scenario, injecting more money into the economy will not further lower interest rates or impact real economic activity, rendering monetary policy fully ineffective.
• describe qualities of effective central banks; contrast their use of inflation, interest rate, and exchange rate targeting in expansionary or contractionary monetary policy; and describe the limitations of monetary policy
A不正确的。通货紧缩螺旋式上升,是指一般物价指数持续而普遍的下降,它与通货膨胀相比,对传统货币政策构成了更大的挑战。一旦货币当局为刺激经济而将名义利率降至零,就不能再下调了。那么在这个阶段,流动性陷阱的条件开始发挥作用。通货紧缩提高了债务的实际价值,而价格下跌可能会抑制当前的消费,导致需求减少和进一步的通货紧缩压力。因此,通货紧缩的“陷阱”可能会形成,其特点是消费增长缓慢,价格下跌,实际债务水平上升。
B正确的。量化宽松(QE)是一种“非常规”的货币政策手段,操作上类似于公开市场购买操作,但规模更大。中央银行通过量化宽松创造额外的资金储备,这些资金储备可以用来购买各种资产。其目的是刺激贷款,导致更广泛的货币增长,并最终增加实体经济活动。
C不正确的。当货币需求呈现无限弹性时,流动性陷阱就会出现,这意味着需求曲线是水平的,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。在这种极端情况下,向经济中注入更多资金不会进一步降低利率或影响实体经济活动,从而使货币政策完全无效。
可以请老师解释一下deflation trap和liquidity trap吗?两者有没有关系?