Monetary Policy · 货币政策
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| monetary policy/ˈmʌnɪtəri ˈpɒlɪsi/ | 货币政策 | huò bì zhèng cè |
| expansionary/ekˈspænʃənəri/ | 扩张性 | kuò zhāng xìng |
| contractionary/kənˈtrækʃənəri/ | 紧缩性 | jǐn suō xìng |
| open-market operations/ˈəʊpən ˈmɑːkɪt ˌɒpəˈreɪʃnz/ | 公开市场操作 | gōng kāi shì chǎng cāo zuò |
| reserve requirement/rɪˈzɜːv rɪˈkwaɪəmənt/ | 准备金要求 | zhǔn bèi jīn yāo qiú |
| discount rate/ˈdɪskaʊnt reɪt/ | 贴现率 | tiē xiàn lǜ |
| investment/ɪnˈvestmənt/ | 投资 | tóu zī |
| aggregate demand/ˈæɡrɪɡeɪt dɪˈmænd/ | 总需求 | zǒng xū qiú |
The central bank steers the economy
- The government's fiscal tools are spending and taxes.
- The central bank has a different lever: the money supply and interest rates.
- Pull it one way to fight a recession, the other to fight inflation.
- This is monetary policy 货币政策.
中央银行引导经济
- 政府的财政工具是支出和税收。
- 中央银行有一个不同的杠杆:货币供给和利率。
- 朝一个方向拉以对付衰退,朝另一个方向以对付通胀。
- 这就是货币政策(monetary policy)。
Two directions
- Expansionary 扩张性 (easy) policy raises the money supply and lowers interest rates to fight a recession.
- Contractionary 紧缩性 (tight) policy lowers the money supply and raises interest rates to fight inflation.
两个方向
- 扩张性(expansionary,宽松)政策增加货币供给、降低利率以对付衰退。
- 紧缩性(contractionary,从紧)政策减少货币供给、提高利率以对付通胀。
Expansionary or contractionary? · 扩张性还是紧缩性?
Expansionary policy raises the money supply and lowers rates to fight recession; contractionary policy does the reverse to fight inflation. · 扩张性政策增加货币供给、降低利率以对付衰退;紧缩性政策相反,以对付通胀。
Expansionary monetary policy, used to fight a recession: · 用于对付衰退的扩张性货币政策:
More money and lower rates spur borrowing and spending, shifting AD right. · 更多货币和更低利率刺激借贷和支出,使 AD 右移。
To fight inflation, the central bank uses contractionary policy — selling bonds and raising rates. · 为对付通胀,中央银行使用紧缩性政策——卖债券、提高利率。
Less money and higher rates cool borrowing and shift AD left. · 更少货币和更高利率给借贷降温,使 AD 左移。
Three tools
- Open-market operations 公开市场操作: buying government bonds injects money (expansionary); selling drains it. This is the main everyday tool.
- The reserve requirement 准备金要求: lowering it lets banks lend more (expansionary).
- The discount rate 贴现率: the rate the central bank charges banks; a lower rate encourages lending.
三种工具
- 公开市场操作(open-market operations):买入政府债券注入货币(扩张性);卖出则抽走。这是主要的日常工具。
- 准备金要求(reserve requirement):降低它让银行贷出更多(扩张性)。
- 贴现率(discount rate):中央银行向银行收取的利率;更低的利率鼓励放贷。
To inject money (expansionary), the central bank's open-market operation is to: · 为注入货币(扩张性),中央银行的公开市场操作是:
Buying bonds pays banks in reserves, raising the money supply. · 买债券用准备金付给银行,增加货币供给。
Select all · 所有 three main tools of monetary policy. · 选出货币政策的所有三种主要工具。
Open-market operations, reserve requirement and discount rate are monetary tools; income tax is fiscal. · 公开市场操作、准备金要求和贴现率是货币工具;所得税是财政工具。
How it reaches output
- The chain: a change in the money supply moves the interest rate, which changes investment 投资 and interest-sensitive spending, which shifts aggregate demand 总需求.
- Worked idea. In a recession the central bank buys bonds → reserves and the money supply rise → the interest rate falls from 5% to 3% → cheaper borrowing spurs investment → AD shifts right → output rises toward full employment.
它如何传导到产出
- 链条:货币供给的变化移动利率,利率改变投资(investment)和对利率敏感的支出,从而移动总需求(aggregate demand)。
- 例题。 衰退中中央银行买债券 → 准备金和货币供给上升 → 利率从 5% 降到 3% → 更便宜的借贷刺激投资 → AD 右移 → 产出向充分就业上升。
A lower interest rate raises ______ and interest-sensitive spending, shifting AD right. · 更低的利率抬升______和对利率敏感的支出,使 AD 右移。
Cheaper borrowing spurs investment, so aggregate demand rises. · 更便宜的借贷刺激投资,所以总需求上升。
Put the expansionary monetary chain in order. · 把扩张性货币传导链条按顺序排列。
Money up → rate down → investment up → AD right → output up. · 货币上升 → 利率下降 → 投资上升 → AD 右移 → 产出上升。
Monetary policy uses the money supply and interest rates. Expansionary (more money, lower rates) fights recession; contractionary (less money, higher rates) fights inflation. The main tool is open-market operations; the chain runs money → interest rate → investment → aggregate demand.
货币政策使用货币供给和利率。扩张性(更多货币、更低利率)对付衰退;紧缩性(更少货币、更高利率)对付通胀。主要工具是公开市场操作;链条是 货币 → 利率 → 投资 → 总需求。