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Zachary · 2020年11月01日

问一道题:NO.PZ2018091901000052 [ CFA III ]

问题如下:

Neshie Wakuluk is an investment strategist. Exhibit 1 summarizes Wakuluk’s predictions:

Wakuluk decides to focus on Country Y. Wakuluk makes the following observations:

Observation 1 Monetary policy has been persistently loose for Country Y, while fiscal policies have been persistently tight.

Based on Observation 1, fiscal and monetary policies in Country Y will most likely lead to:

选项:

A.

low nominal rates.

B.

high nominal rates.

C.

either high or low nominal rates.

解释:

C is correct.

Monetary policy has been persistently loose for Country Y, while fiscal policies have been persistently tight. With this combination of persistently loose and tight policies, the impact could lead to higher or lower nominal rates (typically labeled as mid-nominal rates).

解析:

Y国的货币政策持续宽松(通胀上升),财政政策持续紧缩(真实利率下降)。由于持续的宽松和紧缩政策(货币和财政政策并不一致),其影响可能导致名义利率上升或下降(通常被称为中间名义利率)。

因此只有C选项正确。

那按这题理解的话是不是说收紧的货币政策会导致利率下降?那就是货币政策和财政政策的影响是一样的了?(都是收紧利率下降,放松利率上升)

4 个答案

源_品职助教 · 2020年11月08日

嗨,从没放弃的小努力你好:


我明白你意思了。

是这样的,你可以说,宽松的利率导致通胀上升,然后通胀上升会引起名义利率的上升。

但是你不能说宽松的货币政策会导致利率上升。

因为三级CME在这里把货币政策影响归结为了对于通胀的影响,也只有在“货币和财政政策”这个知识点下是这么写的,还是今年新写的。

但是如果直接提及宽松货币政策对于利率的影响,我建议你还是按照我之前的说法来记忆。

 


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加油吧,让我们一起遇见更好的自己!


源_品职助教 · 2020年11月06日

宽松的货币政策不会导致利率的上升,只有紧缩的货币政策才会导致利率的上升。

Zachary · 2020年11月05日

但是按这题的思路,宽松的货币政策会会导致利率上升(因为有inflation),那紧缩也是利率上升?

源_品职助教 · 2020年11月02日

嗨,从没放弃的小努力你好:


紧缩的货币政策,等于减少了资金的供给,那么在资金需求不变的情况下,代表资金价格的利率是上升的

这和紧缩财政政策导致利率下降是相反的。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


Zachary · 2020年11月05日

但是按这题的思路,宽松的货币政策会会导致利率上升(因为有inflation),那紧缩也是利率上升?

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NO.PZ2018091901000052问题如下 Neshie Wakuluk is investment strategist. Exhibit 1 summarizes Wakuluk’s prections: Wakuluk cis to focus on Country Y. Wakuluk makes the following observations:Observation 1 Monetary polihbeen persistently loose for Country Y, while fiscpolicies have been persistently tight.Baseon Observation 1, fiscanmonetary policies in Country Y will most likely leto:A.low nominrates. B.high nominrates. either high or low nominrates. C is correct.Monetary polihbeen persistently loose for Country Y, while fiscpolicies have been persistently tight. With this combination of persistently loose antight policies, the impacoulleto higher or lower nominrates (typically labeleminominrates). 解析:Y国的货币政策持续宽松(通胀上升),财政政策持续紧缩(真实利率下降)。由于持续的宽松和紧缩政策(货币和财政政策并不一致),其影响可能导致名义利率上升或下降(通常被称为中间名义利率)。因此只有C正确。我还在想contraction阶段,宽松的货币政策很有可能传导不下去,相对而言财政政策影响可能更大,所以利率会下降?所以遇到这种题,不用考虑business cycle阶段,直接两个正常人影响一叠加就行了?

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