货币政策 英汉.docVIP

Open market operations Open market operations are the most important monetary policy tools because they are the primary determinants of changes in interest rates and the monetary base, the main source of fluctuations in the money supply. Open market purchases expand the monetary base, thereby raising the money supply and lowering short-term interest rates, and open market sales shrink the monetary base, lowering the money supply and raising short-term interest rates.公开市场操作能够影响利率，基本货币以及纸币供应量，是最重要的货币政策工具。公开市场买入能够扩大基本货币量，从而增大纸币供应量并降低短期利率，公开市场卖出能够缩减基本货币量，从而减少纸币供应量并提高短期利率。 There are two types of o