R15 练习: 货币政策
考纲范围
- describe the roles and objectives of central banks.
- describe tools used to implement monetary policy tools and the monetary transmission mechanism, and explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates.
- describe qualities of effective central banks; contrast their use of inflation, interest rate, and exchange rate targeting in expansionary or contractionary monetary policy.
- describe the limitations of monetary policy.
- explain the interaction of monetary and fiscal policy.
Q1.
Regarding to the roles and objectives of the central banks, which of the following is least accurate?
A. Monopoly supplier of the currency
B. Supervisor of the banking system
C. Policymaker to decrease unemployment rate
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答案：C
解析：央行的核心角色和目标包括：货币的垄断供应者（A正确）、银行体系的监管者（B正确）、最后贷款人、维护金融稳定等。降低失业率通常不是央行的直接目标（C不准确），虽然部分央行有促进就业的双重使命，但核心目标是物价稳定。
选项 判断 解析 A ✓ 央行是货币的垄断供应者 B ✓ 央行是银行体系的监管者 C ✗ 降低失业率不是央行的主要角色和目标 关联：R15: 货币政策
Q2.
Which of the following least describes the roles and objectives of the central bank?
A. Controlling the money supply in the economy.
B. Funding numerous infrastructure construction programs.
C. Changing the policy rate.
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答案：B
解析：央行的角色包括控制货币供应（A正确）和调整政策利率（C正确）。资助基础设施建设项目（B）是政府财政政策的内容，不属于央行的职能。
选项 判断 解析 A ✓ 控制货币供应是央行的核心职能 B ✗ 基础设施投资属于政府财政政策，不是央行职能 C ✓ 调整政策利率是央行实施货币政策的主要工具 关联：R15: 货币政策
Q3.
During the financial crisis, which of the following actions should be taken by the central bank to stimulate business activities?
A. A decrease in public spending.
B. Sell long-term treasury bonds.
C. Buy back long-term treasury bonds.
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答案：C
解析：金融危机时需要扩张性货币政策。央行回购（买入）长期国债属于公开市场操作（量化宽松），可以增加货币供应、降低长期利率、刺激经济。A是紧缩财政政策且不是央行职能。B是紧缩货币政策（卖出国债回收流动性）。
选项 判断 解析 A ✗ 减少公共支出是紧缩财政政策，且不是央行的职能 B ✗ 卖出国债回收流动性，是紧缩货币政策 C ✓ 买入长期国债释放流动性，是扩张性货币政策（QE） 关联：R15: 货币政策
Q4.
Which of the following statements is most likely correct about the purpose of the central bank, by continuously selling government bonds in the open market:
A. To implement a tight monetary policy.
B. To implement an expansionary monetary policy.
C. To decrease interest rates.
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答案：A
解析：央行持续在公开市场卖出政府债券，回收市场流动性，减少货币供应，导致利率上升，属于紧缩货币政策。B错误（扩张性需买入债券）。C错误（卖出债券会导致利率上升而非下降）。
选项 判断 解析 A ✓ 卖出债券回收流动性，减少货币供应=紧缩货币政策 B ✗ 扩张性货币政策应该买入债券 C ✗ 卖出债券会推高利率，不是降低利率 关联：R15: 货币政策
Q5.
All of the following are the interconnected channels that central bank’s policy rate works through the economy, except_______.
A. Short-term lending rates
B. Inflation rate
C. Exchange rate
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答案：B
解析：货币政策传导机制中，政策利率通过以下渠道影响经济：短期贷款利率（A）、资产价格、预期/信心、汇率（C）等。通胀率（B）是货币政策最终要影响的目标/结果，不是传导渠道本身。
选项 判断 解析 A ✓ 短期贷款利率是政策利率的传导渠道之一 B ✗ 通胀率是货币政策的最终目标/结果，不是传导渠道 C ✓ 汇率是政策利率的传导渠道之一 关联：R15: 货币政策
Q6.
If the central bank is to purchase securities from the open market, which of the following outcome is most likely to happen?
A. A decrease in GDP
B. An increase in the short-term interest rate
C. A depreciation of the domestic currency
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答案：C
解析：央行从公开市场购买证券=扩张性货币政策：货币供应增加→利率下降→本币贬值。A错误：扩张政策会增加GDP而非减少。B错误：买入证券会降低利率而非提高。C正确：利率下降导致资本外流，本币贬值。
选项 判断 解析 A ✗ 扩张性货币政策会刺激经济增长，GDP增加 B ✗ 央行买入证券增加流动性，利率下降 C ✓ 利率下降→资本外流→本币贬值 关联：R15: 货币政策
Q7.
If a government is changing from a neutral monetary policy to an expansionary monetary policy, what is the most likely outcome?
A. An appreciation of the domestic currency
B. An increase in the price of market financial assets
C. An increase in a bank’s prime lending rate
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答案：B
解析：从中性转向扩张性货币政策：利率下降→资产价格上升。A错误：扩张货币政策导致本币贬值而非升值。B正确：利率下降使资产价格上升（折现率下降）。C错误：扩张货币政策导致贷款利率下降而非上升。
选项 判断 解析 A ✗ 扩张货币政策导致本币贬值 B ✓ 利率下降→折现率下降→资产价格上升 C ✗ 扩张货币政策导致贷款利率下降 关联：R15: 货币政策
Q8.
If the central bank of country A has not only the right to set the target level of interest rate and inflation also the ability to realize the target, which of the following is most likely accurate?
A. The central bank is operationally independent and target independent.
B. The central bank is target independent but not operationally independent.
C. The central bank is operationally independent but not target independent.
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答案：A
解析：央行有权设定利率和通胀目标（target independent目标独立性）且有能力实现目标（operationally independent操作独立性），说明两者都具备。目标独立性指可自行决定政策目标；操作独立性指可自主选择实施政策的工具和方式。
选项 判断 解析 A ✓ 既能设定目标又能实现目标=目标独立+操作独立 B ✗ 既然有能力实现目标，就不缺操作独立性 C ✗ 既然有权设定目标，就不缺目标独立性 关联：R15: 货币政策
Q9.
Which is the policy that would be most likely held by the central bank if the inflation rate is below the target rate?
A. Increase the reserve requirement
B. Decrease the short-term policy rate
C. Sell government bonds to commercial banks
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答案：B
解析：通胀率低于目标值，需要扩张性货币政策来刺激经济、推高通胀。降低短期政策利率（B）是扩张性货币政策。A提高准备金率是紧缩政策。C卖出国债是紧缩政策（回收流动性）。
选项 判断 解析 A ✗ 提高准备金率是紧缩货币政策，会进一步降低通胀 B ✓ 降低政策利率是扩张货币政策，可推动通胀回升至目标 C ✗ 卖出国债是紧缩货币政策，会进一步降低通胀 关联：R15: 货币政策
Q10.
Bermuda maintains the value of its currency against the US dollar. Suppose the domestic currency appreciates in terms of the US dollar, how should the central bank react to protect the exchange rate target?
A. Apply contractionary monetary policy.
B. Decrease in the policy rate.
C. Buy domestic currency and sell US dollars.
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答案：B
解析：百慕大维持本币对美元的固定汇率。当本币升值时，需要扩张货币政策使本币贬值回到目标水平。降低政策利率（B）是扩张政策，导致本币贬值。A紧缩政策会使本币进一步升值。C买入本币卖出美元会使本币进一步升值。
选项 判断 解析 A ✗ 紧缩政策会使本币进一步升值，偏离目标 B ✓ 降低利率→资本外流→本币贬值→回归固定汇率 C ✗ 买入本币卖出美元会使本币进一步升值 关联：R15: 货币政策
Q11.
When an economy is suffering liquidity trap, nowadays the most likely action adopted by the central bank is:
A. to decrease the policy rates.
B. to implement tight fiscal policies.
C. to carry out quantitative easing monetary policy.
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答案：C
解析：流动性陷阱（liquidity trap）中，利率已降至极低水平（接近零），传统降息政策失效。此时央行最可能采用量化宽松（QE），即大量购买长期债券等资产来注入流动性。A错误：利率已无法再降。B错误：紧缩财政政策不是央行工具且会恶化经济。
选项 判断 解析 A ✗ 流动性陷阱中利率已接近零，传统降息无效 B ✗ 紧缩财政不是央行工具，且会恶化经济 C ✓ 量化宽松是流动性陷阱中央行最可能的非常规政策 关联：R15: 货币政策
Q12.
What is the ultimate problem for monetary authorities when trying to influence the economy?
A. The inability to determine the neutral rate of interest.
B. New entrepreneurs keep entering into the banking sector and reducing economic profit.
C. The monetary authorities cannot control the amount of money that households put in banks nor the willingness of banks to create money.
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答案：C
解析：货币当局面临的根本问题是无法控制家庭存入银行的资金量和银行创造货币的意愿。央行可以调控基础货币，但货币乘数取决于银行的放贷意愿和公众的存款行为，这些不受央行直接控制。A虽是局限之一但不是”终极问题”。B与货币政策无关。
选项 判断 解析 A ✗ 无法确定中性利率是局限之一，但不是根本问题 B ✗ 银行业竞争与货币政策局限性无关 C ✓ 无法控制货币乘数（公众存款行为和银行放贷意愿）是根本问题 关联：R15: 货币政策
Q13.
Which of the following statement is most likely correct?
Statement 1: The neutral rate is the rate of interest neither spurs on nor slows down the economy and corresponds to the highest policy rate range over a business cycle.
Statement 2: When the policy rate is above the neutral rate, monetary policy is expansionary.
A. Statement 1
B. Statement 2
C. Neither Statement 1 nor 2
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答案：C
解析：Statement 1错误：中性利率是既不刺激也不抑制经济的利率水平，但它不对应商业周期中最高政策利率范围。Statement 2错误：当政策利率高于中性利率时，货币政策是紧缩性的（contractionary），不是扩张性的。两个陈述都不正确。
选项 判断 解析 A ✗ Statement 1关于”最高政策利率范围”的表述错误 B ✗ Statement 2政策利率>中性利率时是紧缩而非扩张 C ✓ 两个陈述都不正确 关联：R15: 货币政策
Q14.
If a country exercises easy fiscal policy but tight monetary policy, which of the following effects is most likely possible?
A. Interest rates will increase, and public sector demand gets depressed.
B. Interest rates will increase, and public sector demand gets stimulated.
C. Interest rates will decrease, and public sector demand gets depressed.
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答案：B
解析：宽松财政+紧缩货币政策组合：紧缩货币→利率上升；宽松财政→政府支出增加→公共部门需求增加（stimulated）。利率上升抑制私人部门支出，但公共部门支出增加。总产出方向不确定。
Fiscal Monetary Interest Rate Private Spending Public Spending Output Easy Tight ↑ ↓ ↑ Indeterminate
选项 判断 解析 A ✗ 宽松财政政策刺激（而非抑制）公共部门需求 B ✓ 紧缩货币→利率上升；宽松财政→公共需求增加 C ✗ 紧缩货币政策导致利率上升而非下降 关联：R15: 货币政策
Q15.
If a government implements a tight monetary policy and loose fiscal policy, what is the most likely effect on the interest rate and household spending?
A. Lower interest rate and lower household spending
B. Higher interest rate and higher household spending
C. Higher interest rate and lower household spending
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答案：C
解析：紧缩货币+宽松财政组合：紧缩货币→利率上升；利率上升→私人部门（含家庭）借贷成本增加→家庭支出减少。虽然宽松财政增加公共支出，但对家庭支出的影响主要通过利率渠道（紧缩货币政策主导）。
选项 判断 解析 A ✗ 紧缩货币政策导致利率上升，不是下降 B ✗ 利率上升会抑制家庭支出，不是增加 C ✓ 紧缩货币→利率上升→家庭支出减少 关联：R15: 货币政策