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fanfan_ · 2020年02月19日

问一道题:NO.PZ2018062003000157

问题如下:

Suppose a central bank decides to maintain a target exchange rate.What will happen when its inflation rate falls below the level of the inflation rate in the target country?

选项:

A.

The central bank will sell the domestic currency.

B.

The interest rates will increase.

C.

The domestic money supply will decrease.

解释:

A is correct.

In this scenario,the central bank would need to sell the domestic currency to support the target,tending to increase the domestic money supply and reduce the interest rate.

考点:货币政策

解析:

本国通胀率低于目标国的通胀率会导致本国的汇率上升,为了保证本国货币不升值,必须实施一个扩张(升通胀)的货币政策。

A选项卖出本国货币,类似于向市场提供货币供给,是一个扩张的货币政策,入选。
B选项利率上升是一个紧缩的货币政策,不入选。
C选项减少货币供给也是紧缩的货币政策,不入选。

通胀低为什么利率会高,本币会升值呢?按照费雪效应来说,通胀低应该是利率变低才对

1 个答案

源_品职助教 · 2020年02月20日

嗨,努力学习的PZer你好:


因为本题假设A国的汇率要紧盯B国

现在A国的通胀率低于B国,如果什么都不做,那么A国汇率就要相对B国上升了(A国通胀小,风险低,大家买A国货币抛售B国货币)。

为了防止上述情况发生,那么就必须由A国央行先卖出A国货币,买入B国货币,类似实施一个扩张的货币政策。


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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