NO.PZ2016010802000160
问题如下：
A prolonged period of an official interest rate of zero without an increase in economic growth most likely suggests:
选项：
A.quantitative easing must be limited to be successful.
B.there may be limits to the effectiveness of monetary policy.
C.targeting reserve levels is more important than targeting interest rates.
解释：
B is correct.
A central bank would decrease an official interest rate to stimulate the economy. The setting in which an official interest rate is lowered to zero (the lowest value that could be targeted) without stimulating economic growth suggests that there are limits to monetary policy.
考点：Limitation of Monetary Policy .
当利率水平降低到0时，还无法刺激经济发展（货币政策失效），那么经济就进入了流动性陷阱的状态，所以B选项正确。
经济处于流动性陷阱时，QE政策是最有效的解决手段，所以A选项不正确。
targeting reserve 并不会会影响利率，它并不比 targeting inflation重要， 所以A选项不正确 。
1. QE是央行直接购买资产，比如央行直接购买垃圾债，企业债，而公开市场操作也是央行买入或者卖出国债/其他债券，所以是不是QE可以理解为是公开市场操作中正向回购的一种？
2.流动性陷阱是指当利率水平降低到0时，还无法刺激经济发展（货币政策失效），那滞涨和流动性陷阱之间的差异和共同点有啥，老师能给列一下、解释一下么？
谢谢
