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甜甜 · 2022年11月28日

B的解析

NO.PZ2022071403000058

问题如下:

Question

If the central bank buys securities from banks in its open-market operations when the economy is already in long-run equilibrium, which of the following is most likely to occur?

选项:

A.The aggregate demand curve will shift to the left. B.The long-run supply curve will be unaffected, but the price level will rise. C.Both the long- and the short-run aggregate supply curves will shift to the right.

解释:

Solution

B is correct. When the central bank buys securities from banks in an open-market operation, it pays for them with a corresponding increase in bank reserves. This increases the amount of deposits banks can accept from their customers—that is, the money supply. An expansionary monetary policy will cause the aggregate demand curve to shift to the right. The short-run supply curve will also shift to the right because input prices do not initially adjust upward. In time, prices will increase, causing the short-run aggregate supply curve to steepen and eventually return to the long-run natural level of output—but at higher prices.

A is incorrect. The purchase of securities by the central bank results in an increase in money supply, which will result in lower interest rates, higher investment, and possibly higher consumption, causing the aggregate demand curve to shift to the right.

C is incorrect. The purchase of securities by the central bank results in an increase in money supply. Initially, the short-run aggregate supply curve will shift to the right because prices are fixed, but as prices rise, output will return to its long-run natural level, leaving the long-run supply curve unchanged.

The short-run supply curve will also shift to the right because input prices do not initially adjust upward.

为什么short-run supply curve shift to the right?

In time, prices will increase, causing the short-run aggregate supply curve to steepen and eventually return to the long-run natural level of output—but at higher prices.

价格上涨为什么会导致short-run aggregate supply crve steepen?为什么会最终回归到long-run natural output at higher prices

1 个答案

笛子_品职助教 · 2022年11月29日

嗨,爱思考的PZer你好:


这是说扩张的货币政策对总需求曲线的影响。也是Fisher effect的形成原因。


An expansionary monetary policy will cause the aggregate demand curve to shift to the right. 

首先是扩张的货币政策,增加了人们的名义收入,人们会觉得手上有钱了,就开始消费,增加各种支出,体现为总需求曲线向右边移动。


The short-run supply curve will also shift to the right because input prices do not initially adjust upward. 

因为需求扩张了,生产商为了满足人们多出来的各种支持,开始加快生产。于是生产出更多产品以满足人们的需求,使得生产数量增加,总供应增加,体现为总供应曲线向右移动。


n time, prices will increase, causing the short-run aggregate supply curve to steepen

但是扩张的货币最终会体现在价格上,当整体物价水平开始慢慢上涨后,厂商成本也开始增加,需要更多的价格涨幅才愿意增加一点供应。这就体现为供应曲线逐步陡峭。


 eventually return to the long-run natural level of output—but at higher prices.

最终,长期来看,货币政策不会改变生产力水平,只会带来更高的价格水平。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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