政策利率

问题如下：

QuestionGiven a policy interest rate of 3.5%, a real trend growth rate of 1.2% in the base economy, and a long-term inflation expectation of 3%, how would the stance of a central bank operating within a reliable inflation-targeting framework be best characterized?

选项：

A.neutral.

B.contractionary.

C.expansionary.

解释：

1. C is the correct choice. Given a 1.2% real trend growth rate and a 3% long-term inflation expectation, it indicates a 4.2% neutral interest rate that doesn't accelerate or decelerate the base economy. The policy rate of 3% is lower than this 4.2% neutral rate. When the policy rate is below the neutral rate, the monetary policy is deemed expansionary.

• describe qualities of effective central banks; contrast their use of inflation, interest rate, and exchange rate targeting in expansionary or contractionary monetary policy; and describe the limitations of monetary policy

C是正确的选择。考虑到1.2%的实际趋势增长率和3%的长期通胀预期，这表明4.2%的中性利率不会加速或减速基础经济。3%的政策利率低于4.2%的中性利率。当政策利率低于中性利率时，货币政策被认为是扩张性的。