NO.PZ202001210200000106
问题如下：
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（预期通胀上升），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。
为什么说fiscal policies have been persistently tight？文中有说吗
