首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Moneys Muddled Message Back in 2002 Ben Bemanke, then still a Federal Reserve governor, declared that "under a paper-money s
Moneys Muddled Message Back in 2002 Ben Bemanke, then still a Federal Reserve governor, declared that "under a paper-money s
admin
2013-04-03
27
问题
Moneys Muddled Message
Back in 2002 Ben Bemanke, then still a Federal Reserve governor, declared that "under a paper-money system, a determined government can always generate higher spending and hence positive inflation". That does not mean it is easy.
On March 18th America’s inflation rate was reported at 0.2% , year on year. Later the Fed said " inflation could persist for a time" at uncomfortably low levels. Yet some economists and investors insist high inflation, even hyperinflation, is lurking in the wings. They have two sources of concern. The first is motive: the world is deleveraging, i.e. , trying to reduce the ratio of its debts to income. Policymakers might secretly prefer to do that through higher inflation, which lifts nominal incomes, than through the painful processes of cutting spending and retiring debt, or default. The second is captured by the Fed’s announcement that it plans to purchase $ 300 billion in Treasury bonds and an additional $ 850 billion of mortgage-related debt, bringing such purchases to $ 1.75 trillion in total, all paid for by printing money. It is not alone: around the world, central-bank balance-sheets have ballooned.
This is scary stuff to those who swear by Milton Friedman’s dictum that " inflation is always and everywhere a monetary phenomenon." But the role of the money supply in creating inflation is less obvious than monetarism suggests.
The quantity theory of money holds that the money supply, multiplied by the rate at which it circulates (called velocity), equals nominal income. Nominal income in turn is the product of real output and prices. But does money supply directly boost nominal income, or does nominal income affect velocity and the demand for money? The mechanism is murky.
Central banks control the narrowest measure of the money supply, called the monetary base—typically, currency plus the reserves that commercial banks hold with the central bank. But the relationships between the monetary base, broader monetary aggregates and nominal income is highly unstable.
Central banks have mostly given up trying to target inflation via the money supply. Instead, they study the "output gap" between total demand and the economy’s potential to supply goods and services, determined by such things as the labour force and capital stock, as well as inflation expectations. When demand exceeds supply, inflation rises. When it falls short, inflation falls, and in the extreme becomes deflation. To influence demand, the central banks move a short-term interest rate up or down by adjusting the supply of bank reserves. Changes in the policy rate ripple out to all interest rates paid by borrowers.
To deleverage, policymakers would be most likely to______.
选项
A、lift nominal incomes
B、cut spending
C、cut retiring debt
D、cut default
答案
A
解析
事实细节题。根据题干关键词“deleverage”和“policymakers”定位至第二段。该题主要是对原文第五、六句的理解:首先确定第6句中的“that”指的是第5句中的“deleveraging”,其次,根据第六句的句式“prefer to do that through…than through...”确定政策制定者们的意向是第一个through...,即higher inflation,但答案中没有这一选项,有的是其后置定语“which lifts nominal incomes”的选项,所以,正确答案是[A]。其他三项是第二个through引导的,即政策制定者们不愿意选择的方法。
转载请注明原文地址:https://jikaoti.com/ti/knsRFFFM
0
考研英语一
相关试题推荐
Acrampedpublic-schooltestkitchenmightseemanunlikelyoutpostforafoodrevolution.ButCollazo,executivecheffortheN
Conventionalwisdomsaystreesaregoodfortheenvironment.Theyabsorbcarbondioxide—agreenhousegas—fromtheatmosphereand
Lotsofcreaturesalreadyreproducewithoutsex.SincethebirthofLouiseBrown,thefirsttest-tubebaby,in1978,(1)_____of
Lotsofcreaturesalreadyreproducewithoutsex.SincethebirthofLouiseBrown,thefirsttest-tubebaby,in1978,(1)_____of
Readingtooneselfisamodernactivitywhichwasalmostunknowntothescholarsoftheclassical.In(1)_____worldduringthe
Informationchannelingisundergoingremarkableprogressinvarioussectorsofsocietyinindustrialactivities,publicservices
ThelongandprogressivereignofQueenVictoriacametoaclimaxatatimeofpeaceandplentywhentheBritishEmpireseemedt
TheStudents’UnionofyourdepartmentisplanninganEnglishEvening.Youareaskedtoinviteoneofyourforeignteacherstoj
Eversincethisgovernment’stermbegan,theattitudetoteachershasbeenovershadowedbythemantrathatgoodteacherscannot
Researchershavefoundthatmigratinganimalsuseavarietyofinnercompassestohelpthemnavigate.Some(1)_____bytheposit
随机试题
女性,53岁,阴道不规则流血,超声显像见子宫浆膜下、肌壁和黏膜有多个大小不等结节,最可能诊断是()
A、治热以寒B、治寒以热C、阳病治阴D、阴病治阳E、阴中求阳阴虚发热证的治则是()
有关资金的时间价值推论不正确的一项为()。
住房公积金财务管理的主要任务:编制住房公积金和管理中心管理费用年度预决算,建立职工住房公积金明细账,记载职工个人住房公积金的缴存、提取等情况;建立健全内部财务制度,做好财务管理工作;降低运作风险,保证住房公积金保值增值,确保住房公积金所有者的合法权益不受侵
由一个力和一个力偶组成的平面力系()。
自理报关单位没有进出口经营权,但有报关权。()
2017年联合国迎来的新任秘书长是()。
“就业至上”是针对“就业难”提出来的。面对国际金融危机,今年高校毕业生就业遇到了前所未有的困难,各高校都把解决就业难问题作为“一把手工程”来抓,这本来无可厚非。但重视就业,为了走出困境,就把“就业至上”上升到办学理念的高度,有欠妥当。这段文字的主要
[2014年第42题]这两个《通知》或者属于规章或者属于规范性文件,任何人均无权依据这两个《通知》将本来属于当事人选择公证的事项规定为强制公证的事项。根据以上信息,可以得出以下哪项?
What’stheaverageincreaseperyearofforeignstudentpopulationintheperiodbetween1985and1990intermsofpercentage?
最新回复
(
0
)