NO.PZ2022071403000080
问题如下：
Question
As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?
选项：
A.Deflationary trap B.Declining bank reserves and economic activity C.Liquidity trap解释：
Solution
B is correct. Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any assets. The idea is that this additional reserve will kick-start lending, causing broad money growth to expand, which will eventually lead to an increase in real economic activity.
A is incorrect. Deflation is a pervasive and persistent fall in a general price index and is more difficult for conventional monetary policy to deal with than inflation. This is because once the monetary authority has cut nominal interest rates to zero to stimulate the economy, it cannot cut them any further. It is at this point that the economic conditions for a liquidity trap arise. Deflation raises the real value of debt, while the persistent fall in prices can encourage consumers to put off current consumption, leading to a fall in demand that leads to further deflationary pressure. Thus a deflationary “trap” can develop, which is characterized by weak consumption growth, falling prices, and increases in real debt levels.
C is incorrect. A liquidity trap is associated with occasions where the demand for money becomes infinitely elastic—that is, where the demand curve is horizontal and individuals are willing to hold additional money balances without any change in the interest rate—so that further injections of money into the economy will not serve to further lower interest rates or affect real activity. In this extreme circumstance, monetary policy can become completely ineffective.
B正确。量化宽松(QE)是一种“非常规”的货币政策手段，在操作上类似于公开市场购买操作，但规模要大得多。央行在量化宽松政策下创造的额外储备可以用来购买任何资产。央行的想法是，这一额外准备金将启动放贷，导致广义货币增长扩大，最终导致实体经济活动增加。
A不正确。通货紧缩是一种普遍的、持续的价格指数下跌，用常规货币政策来应对比通货膨胀更困难。这是因为，一旦货币当局将名义利率降至零以刺激经济，它就无法再进一步降息。正是在这一点上，流动性陷阱的经济条件出现了。通货紧缩提高了债务的实际价值，而价格的持续下跌可能会鼓励消费者推迟当前的消费，导致需求下降，从而导致进一步的通货紧缩压力。这样就会形成一个通货紧缩的“陷阱”，其特点是消费增长疲软、价格下跌和实际债务水平上升。
C选项不正确。流动性陷阱与货币需求变得无限弹性的情况有关——也就是说，需求曲线是水平的，个人愿意在利率没有任何变化的情况下持有额外的货币余额——因此，进一步向经济注入资金将不会进一步降低利率或影响实际活动。在这种极端情况下，货币政策可能完全失效。
没有懂为什么选B不选A？不是用来解决deflation的嘛
