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185****8750 · 2025年01月24日

为什么不加 inflation expected

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NO.PZ202206070100000403

问题如下:

Based on how the Taylor rule is applied by Li’s team, the central bank’s estimated optimal short-term rate is closest to:

选项:

A.2.8%. B.1.5%. C.2.0%.

解释:

Solution

C is correct. The Taylor rule sets the optimal short-term rate as

Neutral rate + 0.5 × (GDP growth forecast – GDP growth trend) + 0.5 × (Inflation forecast – Inflation target)

Applying numbers from Exhibit 3,

2.0% = 2.5% + 0.5 × (2.0% - 1.0%) + 0.5 × (1.5% - 3.5%).

A is incorrect. The difference between the earnings trend and forecast is included with each difference between forecast and trend being weighted by 0.333.

2.8% = 2.5% + 0.333 × (2.0% – 1.0%) + 0.333 × (1.5% -– 3.5%) + 0.333 × (4.0% – 2.0%)

B is incorrect. The inflation and GDP adjustments are not multiplied by 0.5.

本题考查的是泰勒公式

C是正确的。泰勒规则将最优短期利率设为

中性利率+ 0.5 × (GDP增长预测- GDP增长趋势)+ 0.5 ×(通胀预测-通胀目标)

2.0% = 2.5% + 0.5××(2.0% - 1.0%)+ 0.5(1.5% - 3.5%)

A是不正确的。收益趋势和预测之间的差异被包括在内,预测和趋势之间的每个差异被错误地使用了0.333加权。

B是不正确的。通胀和GDP的调整没有乘以0.5

Taylor rule 公式: i* = r neutral + expected inflation + 0.5 (GDP forcast - GDP trend) + 0.5(inflation expected - inflation target), 为什么前面的expected inflation (加粗体部分)没有加

1 个答案

笛子_品职助教 · 2025年01月25日

嗨,从没放弃的小努力你好:


Taylor rule 公式: i* = r neutral + expected inflation + 0.5 (GDP forcast - GDP trend) + 0.5(inflation expected - inflation target), 为什么前面的expected inflation (加粗体部分)没有加

Hello,亲爱的同学~

本题的 i*计算的,默认是实际I*。

这是因为老版本的Taylor rule ,I*默认为实际I*。

最新考纲下, i*默认计算的是名义 i*,因此目前的Taylor rule,考试的时候,都需要加上expected inflation。

同学注意用这道题掌握知识点就可以。

----------------------------------------------
努力的时光都是限量版,加油!

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