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考拉 · 2021年09月14日

课上讲宽松的货币政策有三种手段，其中一种是降低利率。为什么这题写货币政策只影响通胀水平？

  1. CFA III
  2. Capital Market Expectations

NO.PZ2018091901000052

问题如下：

Neshie Wakuluk is an investment strategist. Exhibit 1 summarizes Wakuluk’s predictions:

Wakuluk decides to focus on Country Y. Wakuluk makes the following observations:

Observation 1 Monetary policy has been persistently loose for Country Y, while fiscal policies have been persistently tight.

Based on Observation 1, fiscal and monetary policies in Country Y will most likely lead to:

选项：

A.

low nominal rates.

B.

high nominal rates.

C.

either high or low nominal rates.

解释：

C is correct.

Monetary policy has been persistently loose for Country Y, while fiscal policies have been persistently tight. With this combination of persistently loose and tight policies, the impact could lead to higher or lower nominal rates (typically labeled as mid-nominal rates).

解析:

Y国的货币政策持续宽松（通胀上升），财政政策持续紧缩（真实利率下降）。由于持续的宽松和紧缩政策(货币和财政政策并不一致)，其影响可能导致名义利率上升或下降(通常被称为中间名义利率)。

因此只有C选项正确。

课上讲宽松的货币政策有三种手段，分别是增发货币、买债券、降低利率。为什么这题写货币政策只影响通胀水平，反倒是财政政策影响real interest rate?

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源_品职助教 · 2021年09月15日

嗨，努力学习的PZer你好：


主要是由于，教材不是同一个人写的

首先，央行控制货币发行量，从而控制利率水平，

同样通过买卖债券也能控制货币发行量，这些都是货币工具。这是一级原版书就定下的观点。

但是呢，货币发行量可以影响利率不代表利率水平只受货币发行量（也就是货币供给）这一个因素的影响。

三级这里把利率拆成了实际利率和通胀两部分，实际利率是又财政政策（货币的需求面）影响决定的。

这是咱们三级原版书改写教材后的观点。

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NO.PZ2018091901000052问题如下 Neshie Wakuluk is investment strategist. Exhibit 1 summarizes Wakuluk’s prections: Wakuluk cis to focus on Country Y. Wakuluk makes the following observations:Observation 1 Monetary polihbeen persistently loose for Country Y, while fiscpolicies have been persistently tight.Baseon Observation 1, fiscanmonetary policies in Country Y will most likely leto:A.low nominrates. B.high nominrates. either high or low nominrates. C is correct.Monetary polihbeen persistently loose for Country Y, while fiscpolicies have been persistently tight. With this combination of persistently loose antight policies, the impacoulleto higher or lower nominrates (typically labeleminominrates). 解析:Y国的货币政策持续宽松（通胀上升），财政政策持续紧缩（真实利率下降）。由于持续的宽松和紧缩政策(货币和财政政策并不一致)，其影响可能导致名义利率上升或下降(通常被称为中间名义利率)。因此只有C正确。我还在想contraction阶段，宽松的货币政策很有可能传导不下去，相对而言财政政策影响可能更大，所以利率会下降？所以遇到这种题，不用考虑business cycle阶段，直接两个正常人影响一叠加就行了？

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