货币金融学第11版-米什金-思考题目答案第15章.pdfVIP

Chapter15

ANSWERSTOQUESTIONS

1.Thesnowstormwouldcausefloattoincrease,whichwouldincreasethemonetarybase.Tocounteract

thiseffect,themanagerwillundertakeadefensiveopenmarketsaleofsecuritiesusingareverserepo

transaction.

这场暴风雪将使浮款上升，这将增加货币基础。为了抵消这种影响，经理将采用逆回购交易进行防御性公开市场销售。

2.Whenthepublic’sholdingofcurrencyincreasesduringholidayperiods,thecurrency–checkable

depositsratioincreasesandthemoneysupplyfalls.Tocounteractthisdeclineinthemoneysupply,the

Fedwillconductadefensiveopenmarketpurchaseofsecurities.

在节假日期间，当公众持有货币升值时，现金/存款比率增加，货币供应量下降。为了抵消货币供应的下降，美联储将采取防

御性的公开市场购买证券。

3.AswesawinChapter14,whentheTreasury’sdepositsattheFedfall,themonetarybaseincreases.To

counteractthisincrease,themanagerwouldundertakeanopenmarketsaleofsecurities.

正如我们在第14章所看到的，当财政部的存款下降时，货币基础会增加。为了抵消这种增长，经理将采取公开市场出售证券。

4.Becausethedecreaseinfloatisonlytemporary,themonetarybaseisexpectedtodeclineonly

temporarily.Arepurchaseagreementonlytemporarilyinjectsreservesintothebankingsystem,soitisa

sensiblewayofcounteractingthetemporarydeclineinthemonetarybaseduetothedeclineinfloat.

因为浮动的减少只是暂时的，货币基础只会暂时下降。回购协议只是暂时将储备注入银行体系，因此，由于浮款的下降，这是

抵消货币基础暂时下降的一种明智的方式。

5.False.TheFedalsocanaffectthelevelofborrowedreservesbydirectlylimitingtheamountofloansto

anindividualbankorthebroaderfinancialsystem.

美联储还可以通过直接将贷款额度限制在单个银行或更广泛的金融体系，从而影响借入准备金的水平。

6.Uncertain.Intheory,themarketforreservesmodelindicatesthatoncethefedfundsratereachesthe

discountrate,itwouldneversurpassthediscountratesincebankswouldthenborrowdirectlyfromthe

Fed,andnotinthefedfundsmarket,whichwouldpreventthefedfundsratefromeverrisingabovethe

discountrate.However,inpractice,thefedfundsratecan(andhas)beenabovethediscountrate.This