NO.PZ2023010401000125
问题如下：
The current situation is as follows:
- Real trend rate=2%
- Current inflation rate=3%
- Long-run Expected inflation =2%
If the policy rate is 5%, which type of monetary policy is it?
选项：
A.Expansionary B. Contractionary C.Neutral解释：
Neutral rate = real trend rate + long-run expected inflation (target inflation rate)= 2% + 2% = 4%The central bank’s monetary policy is being contractionary when its policy rate is above 4%.
中文解析：
中性利率=实际趋势利率+长期预期通货膨胀率(目标通货膨胀率)= 2% + 2% = 4%当政策利率高于4%时，中央银行的货币政策是紧缩的。
policy rate是什么来着？
