货币金融学第11版-米什金-思考题目答案第15章

Chapter 15

ANSWERS TO QUESTIONS

1. The snowstorm would cause float to increase, which would increase the monetary base. To counteract

this effect, the manager will undertake a defensive open market sale of securities using a reverse repo 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. When the public’s holding of currency increases during holiday periods, the currency–checkable

deposits ratio increases and the money supply falls. To counteract this decline in the money supply, the Fed will conduct a defensive open market purchase of securities.

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. As we saw in Chapter 14, when the Treasury’s deposits at the Fed fall, the monetary base increases. To

counteract this increase, the manager would undertake an open market sale of securities.

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. Because the decrease in float is only temporary, the monetary base is expected to decline only

temporarily. A repurchase agreement only temporarily injects reserves into the banking system, so it is a sensible way of counteracting the temporary decline in the monetary base due to the decline in float.

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. The Fed also can affect the level of borrowed reserves by directly limiting the amount of loans to

an individual bank or the broader financial system.

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. In theory, the market for reserves model indicates that once the fed funds rate reaches the

discount rate, it would never surpass the discount rate since banks would then borrow directly from the Fed, and not in the fed funds market, which would prevent the fed funds rate from ever rising above the discount rate. However, in practice, the fed funds rate can (and has) been above the discount rate. This may occur due to the stigma associated with banks borrowing directly from the Fed; i.e., banks may

prefer to pay a higher market rate than to borrow directly from the Fed and incur the perceived stigma. In addition, nonbank financial institutions, which do not have access to the discount window, can and do participate in the federal funds market. The extent to which nonbank financial companies participate in the fed funds market may mean that the gap when the fed funds rate is above the discount rate may not be arbitraged away.

不确定。理论上,市场准备金模型表明，一旦联邦基金利率达到贴现率，它永远不会超越贴现率由于银行会直接向美联储借钱，而不是在联邦基金市场，这将阻止联邦基金利率上升高于贴现率。然而，实际上，联邦基金利率可以(也有)高于贴现率。这可能是由于银行直接从美联储借款会留下污点；即银行可能倾向于支付更高的市场利率，而不是直接从美联储借款而留下污点。此外，那些没有贴现窗口渠道的非银行金融机构也可以并确实参与联邦基金市场。非银行金融公司参与美联储基金市场的程度可能意味着，当联邦基金利率高于贴现率的时候，这一差距可能不会被套利。

7. Uncertain. In theory, the market for reserves model indicates that once the fed funds rate reaches the interest rate on reserves, it would never go below this rate since banks could then earn a risk-free interest rate paid directly from the Fed, rather than loaning excess reserves in the more risky fed funds market at an equivalent or lower rate; this should prevent the fed funds rate from ever falling below the interest rate paid on reserves. However, in practice, the fed funds rate can (and has) been below the interest rate paid on reserves. This is because nonbank financial institutions, which cannot earn interest on reserves, participate in the federal funds market and provide a significant amount of funding to the market. The

Chapter 15 1 / 6

extent to which nonbank financial companies participate in the fed funds market may mean that the gap when the fed funds rate is below the interest rate on reserves may not be arbitraged away.

不确定。理论上，市场准备金模型表明，一旦联邦基金利率达到准备金利率，它永远不会低于这个利率，由于银行可以直接从美联储获得无风险利率，而不是出借超额准备金在风险更高的联邦基金市场获取同等或更低的利率；这将防止联邦基金利率从低于准备金率的水平下降。然而，在实践中，联邦基金利率可以(也有)低于准备金支付的利率。这是因为那些无法获得准备金利息的非银行金融机构参与联邦基金市场，并向市场提供大量资金。非银行金融公司参与美联储基金市场的程度可能意味着，当联邦基金利率低于准备金利率时，这一差距可能不会被套利。

8. During crises, the Fed may need to provide a large amount of liquidity to the banking and financial

system, which would reduce the fed funds rate. If the Fed needs to sterilize these effects, it would need to conduct open market sales of securities to maintain a given fed funds rate target. If the liquidity

provision is large, then offsetting the liquidity could eventually result in the Fed running out of securities to sell. In this case, the interest rate on reserves can be raised to push the fed funds rate up, without

having to conduct offsetting open market sales that decrease the holdings of government securities by the Fed.

在危机期间，美联储可能需要向银行和金融体系提供大量流动性，从而降低联邦基金利率。如果美联储需要消除这些影响，就需要公开市场销售证券，以维持既定的联邦基金利率目标。如果流动性供应很大，那么抵消流动性的影响最终可能会导致美联储没有证券出售。在这种情况下，可以提高准备金利率，以推动联邦基金利率上升，而不必采取抵消公开市场销售的方式，减少美联储持有的政府债券。

9. Repurchase agreements are used because they are temporary, and allow the Fed to adjust open market

operations relatively easy in response to day-to-day changes in conditions in the market for reserves. 之所以使用回购协议，是因为它们是暂时的，并允许美联储调整公开市场操作，相对容易地应对准备金市场的日常变化。 10. It suggests that defensive open market operations are far more common than dynamic operations because

repurchase agreements are used primarily to conduct defensive operations to counteract temporary changes in the monetary base.

这表明，防御性的公开市场操作比能动性操作更为常见，因为回购协议主要用于进行防御性的操作，以抵消货币基础的临时变化。

11. Because of the large amount of liquidity in banks and the financial system, this could eventually lead to

substantial inflation problems as liquidity in the form of excess reserves leaves the banking system through bank lending and ends up as deposits or currency in the hands of the public. But because of the longer maturities of some of the assets held by the Fed, these assets may not be easily drawn off the balance sheet in order to remove liquidity from banks and financial markets. As a result, reverse repos could be used to temporarily but continually remove reserves from the banking system until the longer maturity securities can be drawn off the balance sheet of the Fed.

由于银行和金融体系中大量的流动性，这最终可能会导致大量的通货膨胀问题，因为超额准备金的流动性将使银行系统通过银行贷款，最终成为公众手中的存款或货币。但由于美联储持有的部分资产的期限较长，这些资产可能不容易从资产负债表中提取出来，以消除银行和金融市场的流动性。因此，反向回购可能暂时被用于银行体系，直到期限较长的证券从美联储的资产负债表中提取出来。

12. This statement is false. The FDIC alone would likely be ineffective in eliminating bank panics without the Fed’s ability to provide discount loans to troubled banks to keep bank failures from spreading. In particular, the FDIC’s insurance only covers about 1% of total bank deposits. Since the Fed has

unlimited ability to provide loans to the banking system, it can be much more effective in stabilizing the banking system in a panic.

这种说法是错误的。如果美联储没有能力向陷入困境的银行提供贴现贷款，以防止银行倒闭，那么FDIC就可能在消除银行恐慌方面无能为力。特别是，FDIC的保险只占银行存款总额的1%。由于美联储有无限能力向银行系统提供贷款，因此在恐慌中稳定银行系统会更加有效。

13. Providing loans to financial institutions creates a moral hazard problem. If firms know that they will

Chapter 15 2 / 6

have access to Fed loans, they are more likely to take on risk, knowing that the Fed will bail them out if a panic should occur. As a result, banks that deserve to go out of business because of poor management may survive because of Fed liquidity provision to prevent panics. This might lead to an inefficient banking system with many poorly run banks.

向金融机构提供贷款会造成道德风险。如果企业知道他们将获得美联储贷款，他们就更有可能承担风险，因为他们知道如果出现恐慌，美联储将会救助他们。其结果是，由于缺乏管理能力，那些理应破产的银行可能会存活下来，原因是美联储提供了防止恐慌的流动性。这可能导致银行体系效率低下，许多经营不善的银行。

14. This statement is false.

15. Open market operations are more flexible, reversible, and faster to implement than the other two tools.

Discount policy is more flexible, reversible, and faster to implement than changing reserve requirements, but it is less effective than either of the other two tools.

16. It proved to be more widely used because the interest rate on these loans was set through a competitive

process, and that interest rate was less (in some cases much less) than the discount rate. In addition, because of the structure of the Term Auction Facility there was some anonymity in the banks that were accessing these funds, which helped to avoid the stigma associated with discount window lending.

17. Since short-term interest rates cannot be lowered below the zero bound in this environment, conventional

monetary policy would be ineffective. Thus, the main advantage of quantitative easing is that purchases of intermediate and longer term securities could reduce longer-term interest rates, increase the money supply further, and lead to expansion. One disadvantage of quantitative easing is that it may not actually have the effect of increasing economic activity through greater loans and monetary expansion: If credit and financial markets are significantly damaged, banks may simply hold the extra liquidity as excess reserves, which would not lead to greater loans and monetary expansion.

18. By purchasing particular types of securities, the Fed can impact interest rates and liquidity in particular

sectors of credit and financial markets, thereby providing a more surgical provision of liquidity where it may be needed the most (as opposed to typical open market purchases, which add reserves to the general banking system). For example, as a result of the global financial crisis the Fed purchased a significant amount of mortgage-backed securities from government sponsored enterprises, which helped to lower mortgage rates and support the housing market.

通过购买特定类型的证券，美联储可以影响特定行业的信贷和金融市场的利率和流动性 ，而不是典型的公开市场购买，增加一般银行系统的准备金。例如，由于全球金融危机，美联储从政府支持的企业购买了大量抵押贷款支持证券，这有助于降低抵押贷款利率，支持住房市场。

19. The main advantage to an unconditional policy commitment is that it provides a significant amount of

transparency and certainty, which makes it easier for markets and households to make decisions about the future. The main disadvantage is that it represents a tacit commitment by the central bank; if

conditions suddenly change where a change in the policy stance may be warranted, then holding to the commitment could be destabilizing. On the other hand, not strictly maintaining the commitment could then be viewed as reneging on a promise, and the central bank could lose significant credibility.

无条件政策承诺的主要好处是，它提供了大量的透明度和确定性，这使得市场和家庭更容易对未来做出决定。主要的缺点是它代表了中央银行的默认承诺，如果条件突然改变，政策立场的改变可能是必要的，那么坚持承诺可能会破坏稳定。另一方面，如果不严格遵守承诺，那么就会被视为食言，而央行可能会失去相当大的可信度。

ANSWERS TO APPLIED PROBLEMS

20. The switch from deposits into currency lowers the amount of reserves as was shown in the T-accounts of Chapter 14, and this lowers the supply of reserves at any given interest rate, thus shifting the supply curve to the left. The fall in deposits also leads to lower required reserves and hence a shift in the demand curve to the left. However, because the fall in required reserves is only a fraction of the fall in the supply of reserves

Chapter 15 3 / 6