NO.PZ2023071902000059
问题如下：
Question
Under which of the following circumstances does monetary policy have the most significant impact?
选项：
A.
When the demand for money exhibits infinitely elastic.
B.When the central bank pursues an exchange rate targeting approach.
C.
When the risk of inflation outweighs the risk of deflation.
解释：
Solution
- Incorrect because a situation of perfect elasticity in the demand for money can result in a liquidity trap. In highly extreme scenarios, the demand for money becomes infinitely elastic, causing additional injections of money into the economy to have little effect on interest rates or real economic activity. This phenomenon, known as a liquidity trap, renders monetary policy largely ineffective.
- Incorrect because adopting an exchange rate targeting approach by the central bank leads to adjustments in domestic interest rates and money supply to achieve the targeted exchange rate, potentially increasing volatility in the domestic economy.
- Correct because deflation presents greater challenges to the central bank compared to inflation. Deflation involves a persistent and widespread decline in the general price index, making it harder for conventional monetary policy to address effectively. The difficulty arises from the limitation of cutting nominal interest rates significantly below zero to stimulate the economy. These conditions can lead to the emergence of a liquidity trap, further hindering the effectiveness of monetary policy.
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A不正确是因为货币需求完全弹性的情况会导致流动性陷阱。在极端情况下，对货币的需求变得无限弹性，导致向经济中额外注入资金对利率或实体经济活动几乎没有影响。这种现象被称为流动性陷阱，导致货币政策在很大程度上无效。
B不正确，因为央行采取汇率目标制会导致国内利率和货币供应量的调整，以实现目标汇率，从而潜在地增加国内经济的波动性。
C正确，因为与通货膨胀相比，通货紧缩给央行带来了更大的挑战。通货紧缩指的是总体物价指数持续而普遍的下降，使传统货币政策更难有效应对。困难在于将名义利率大幅降至零以下以刺激经济的局限性。这些情况可能导致流动性陷阱的出现，进一步阻碍货币政策的有效性。
无限弹性不是说对变化很敏感吗？能解释一下弹性吗谢谢
