NO.PZ2023071902000080
问题如下：
QuestionWhich monetary policy move, taken by the central bank, would most likely be viewed as expansionary?
选项：
A.
Steps in as the lender in a repurchase agreement.
B.
Disposes of government securities to commercial banks
C.
Increases the reserve obligations for commercial banks.
解释：
Solution
- Correct, since a central bank's strategy to amplify the money supply could involve procuring bonds, primarily government bonds, from banks. This transaction, termed a repurchase agreement, casts the central bank as the initial bond purchaser with an intent to resell later. This buying act inflates the money supply or boosts liquidity, hence making it expansionary.
- Incorrect, because when the central bank offloads government securities to commercial banks, it dwindles the reserves of these banks. This, in turn, caps their ability to grant loans (or create credit) to households and businesses, effectively shrinking broad money growth via the money multiplier effect. Such a liquidity squeeze is contractionary in nature.
- Incorrect, given that by elevating the reserve mandates for banks, a central bank curtails money creation. As banks now have to retain more funds in reserve, the overall money supply shrinks. This policy direction is more contractionary than expansionary.
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A正确，因为央行扩大货币供应的策略可能包括从银行购买债券，主要是政府债券。这种交易被称为回购协议，它使央行成为最初的债券购买者，并打算在以后转售。这种购买行为扩大了货币供应或增加了流动性，从而使其具有扩张性。
B不正确，因为当中央银行向商业银行出售政府证券时，它减少了这些银行的储备。这反过来又限制了它们向家庭和企业发放贷款(或创造信贷)的能力，通过货币乘数效应有效地收缩了广义货币的增长。这种流动性紧缩本质上是收缩性的。
C不正确，因为央行通过提高银行存款准备金率，减少了货币创造。由于银行现在不得不保留更多的资金作为储备，整体货币供应萎缩。这一政策方向更倾向于收缩而非扩张。
CB Steps in as the lender in a repurchase agreement.，央行在回购协议中是lender，也就是商业银行必须买入，这样可以流动性资金就减少了，为什么不是紧缩的政策？
