下载APP
首页 > CFA > 试题中心 > 经济学

"economics"exercise:Policy interest rate

来源: 正保会计网校 2020-11-11
普通

学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!

Questions 1:

The transmission of a central bank’s policy rate action through the economy ultimately affects:

A、 total demand.

B 、inflation.

C 、long-term interest rates.

Questions 2:

If there is a policy rate of 3%, a real trend rate of growth in the underlying economy of 1%, and long-run expected inflation of 3%, then the central bank policy stance operating within a credible inflation-targeting regime is best described as:

A、 neutral.

B 、contractionary.

C、 expansionary

View answer resolution
【Answer to question 1】B

【analysis】

B is correct. The monetary transmission mechanism is the process whereby a central bank’s interest rate gets transmitted through the economy and ultimately affects the rate of increase of prices (inflation). 

A is incorrect because, although policy rate actions do transmit through the economy by affecting total demand, this influence on total demand is an intermediate effect that drives subsequent domestic inflationary pressure. In effect, policy rate actions ultimately impact inflation through the avenue of total demand. 

C is incorrect because although policy rate actions do transmit through the economy through the channel of market rates (both short-term and long-term interest rates), this is just one of four channels and multiple interconnected channel relationships that impacts total demand. In effect, policy rate actions ultimately impact inflation through the channel of market interest rates (including long-term interest rates).

【Answer to question 2】C

【analysis】

C is correct. A real trend rate of growth of 1%, coupled with 3% long-run expected inflation, suggests a 4% neutral rate of interest that neither spurs on nor slows down the underlying economy. The 3% policy rate is less than the 4% neutral rate of interest. When the policy rate is below the neutral rate, monetary policy is described as expansionary.

 A is incorrect because, with a neutral policy stance, the central bank’s policy rate would be equal to the neutral rate. In this case, the policy rate of 3% is less than the neutral rate of 4% (1% trend growth plus 3% long-run inflation expectation), which is expansionary (not neutral). 

B is incorrect because, with a contractionary policy stance, the central bank’s policy rate would be greater than the neutral rate. In this case, the policy rate of 3% is less than the neutral rate of 4% (1% trend growth plus 3% long-run inflation expectation), which is expansionary (not contractionary).

成功=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯,点击了解>

今日热搜
热点推荐:
CFA考试课程
CFA面授课程

CFA优享/旗舰面授课程

实时互动 备考无忧

大学生专享点击了解

CFA课程试听

扫码关注公众号
正保金融大讲堂

接收更多考试资讯

扫码找组织

有奖原创征稿
取消
复制链接,粘贴给您的好友

复制链接,在微信、QQ等聊天窗口即可将此信息分享给朋友
客服