米什金《货币金融学》(第11版)章节题库-第16章 货币政策操作：战略与战术【圣才出品】
货币政策操作
3．政策工具与货币总量（如M2）或长期利 率等中介指标联系在一起。 4．中介指标介于政策手段与货币政策目标 （例如物价稳定、产出增长）之间，它们不能 由中央银行的政策工具直接影响，但与货币政 策目标之间的联系更为密切。
图16-1以图解的方式描述了货币政策工 具、政策手段、中介指标和货币政策目标之间 的联系。
货币当局提高名义利率的幅度应当超出通 货膨胀率的上升幅度，这就是泰勒定理。这对 于货币政策的成功有着至关重要的意义。假定 没有遵循泰勒定理，名义利率上升的幅度小于 通货膨胀率，因此，实际利率随着通货膨胀率 的上升而下降。这会引发严重的动荡，原因是 通货膨胀率上升导致货币政策的实际放松，这 会导致未来通货膨胀率进一步升高。
• 缺点 – 信号迟滞：通货膨胀指标不能及时向公 众和市场发送关于货币政策动向的信号。 – 过于僵化：该战略给货币政策制定者规 定了严格的规则，限制了他们对无法预见的情 况做出反应的判断力。 – 增加产出波动的可能性 – 低经济增长 作为货币政策实施的战略，以通货膨胀为 指标比起以货币为指标，有几个优点。
（3）以货币量为指标战略的优缺点 • 优点 货币指标可以向公众和市场发送近乎实时的 关于货币政策动向和政策制定者控制通货膨胀意 图的信号。 – 有助于稳定通货膨胀预期，降低通货膨 胀率 – 使得保持低通货膨胀的货币政策近乎直 接公开 • 缺点 – 目标变量（通货膨胀率或名义收入）和指 标变量（货币供给）之间必须存在稳定可靠的联 系
供求分析的结论是，利率和准备金（货币） 总量指标是不兼容的。中央银行可以实现其中一 个，但两者不能同时实现。由于不得不在两者之 间做出选择，需要考察选择政策手段时需要遵循 的标准。
6．选择政策手段的标准 中央银行选择政策手段时遵循三条标准：政策手段 必须是可测量的、必须可以由中央银行控制以及必须对 目标有着可以预计的影响。 • 可观测性 – 联邦基金利率在可测量性上似乎超出准备金，因 而更适合作为政策手段，不过真实利率的测量难度很大 • 可控性 – 央行对非借入准备金不能完全控制，但可充分控 制联邦基金利率等短期利率 • 相关性（对目标有着可以预计的影响） – 大部分中央银行认为，利率与通货膨胀率等目标 之间的联系更为密切 • 中央银行普遍使用短期利率作为其政策手段
货币金融学第11版-米什金-思考题目答案第16章
Chapter 16ANSWERS TO QUESTIONS1. A nominal anchor helps promote price stability by tying inflation expectations to low levels directlythrough its constraint on the value of money. It can also limit the time-inconsistency problem byproviding an expected constraint on monetary policy.名义上的锚定可以通过约束货币价值,将通胀预期直接与低水平挂钩,从而促进价格稳定.它还可以通过提供预期的货币政策约束来限制时间不一致问题.2.Central bankers might think they can boost output or lower unemployment by pursuing overlyexpansionary monetary policy even though in the long run this just leads to higher inflation with no gains to increasing output or lowering unemployment. Alternatively, politicians may pressure the central bank to pursue overly expansionary policies.央行官员可能认为,他们可以通过推行过度扩X的货币政策来提高产出或降低失业率,尽管从长远来看,这只会导致通胀上升,而不会增加产出或降低失业率.或者,政治家们可能会向中央银行施压,要求其推行过度扩X的政策.3.This could pose a problem for a couple reasons. First of all, monetary policy has limited ability toencourage long-run economic growth other than through its ability to maintain low, stable long-run inflation and interest rates. Moreover, a strictly interpreted focus on economic growth may result in an unhealthy focus on keeping short-term interest rates low for a prolonged period of time to raiseinvestment and consumption in the near-term. This could lead to imbalances in the economy that, if not properly addressed, could lead to bubbles and financial crises.这可能会造成一个问题,有几个原因.首先,相对于维持低、稳定的长期通胀和利率,货币政策刺激长期经济增长的能力有限.此外,对经济增长的严格解读,可能会导致不健康的关注于将短期利率维持在较低水平以便在短期内提高投资和消费.这可能导致经济失衡,如果不恰当解决,可能导致泡沫和金融危机.4.Uncertain. Most economists probably would not dispute that trying to maintain stability in financialmarkets is important to the economy. However, having a constant and prioritized focus on financial market stability in order to prevent crises in most cases is probably unnecessary since financial crises are generally pretty rare. In addition, constantly focusing on maintaining stability in financial markets could come at the expense of ignoring more important factors that can be far more costly to the economy on a day-to-day basis, such as stabilizing output, unemployment, or other related short-term movements in the business cycle.不确定的.大多数经济学家可能不会否认,试图维持金融市场的稳定对经济是重要的.然而,为了防止在大多数情况下发生危机,将重点放在金融市场稳定上,这可能是不必要的,因为金融危机通常是相当罕见的.此外,不断关注金融市场的稳定,可能会忽视更重要的因素,这些因素在日常生活中可能会对经济造成更大的损失,比如稳定产出、失业,或商业周期中其他相关的短期波动.5.False. There is no long-run trade-off between inflation and unemployment, so in the long run a centralbank with a dual mandate that attempts to promote maximum employment by pursuing inflationary policies would have no more success at reducing unemployment than one whose primary goal is price stability.通货膨胀与失业之间没有长期的平衡,因此长期以来,央行有双重使命：通过推行通货膨胀政策来促进就业最大化,在降低失业率方面没有比其主要目标是价格稳定更成功的了.6.The success of inflation targeting relies on its ability to credibly anchor inflation expectations at a low,desirable level. Without formal public announcements and reminders about the numerical inflation target, markets and the public may have less faith that policymakers are committed to maintaining the inflation target. And if a formal inflation target is not announced at all, market participants and the public may not know the exact target and be forced to infer or estimate the target, creating uncertainty which can raise inflation expectations and unanchor inflation expectations from a low, desirable level.通胀目标的成功依赖于它有能力将通胀预期可靠地锚定在一个低、理想的水平上.如果没有正式的公告和关于数字通胀目标的提醒,市场和公众可能对政策制定者承诺维持通胀目标的信心减少.如果一个正式的通胀目标没有公布,市场参与者和公众可能不知道确切的目标,被迫推断或估计目标,制造不确定性,从而提高通胀预期,将通胀预期从低、理想的水平上拉出来.7.Inflation targeting increases the accountability of monetary policymakers, and is a mechanism ofself-discipline which effectively ties the hands of policymakers to commit to a policy path. Because of the transparency of an inflation targeting framework, it is very easy to verify whether policymakers are faithful to a committed policy path. As a result, there is much less ability and incentive for policymakers to deviate to a discretionary policy which could increase output or raise the inflation rate, therefore mitigating the time-inconsistency problem.通货膨胀目标制增加了货币政策制定者的责任,是一种自律机制,有效地将政策制定者的手绑在一条政策道路上.由于通胀目标框架的透明性,很容易验证政策制定者是否忠于承诺的政策路径.因此,政策制定者偏离自由裁量政策的能力和动机要小得多,这可能会增加产出或提高通货膨胀率,从而缓解时间不一致性的问题.8.Inflation-targeting central banks engage in extensive public information campaigns that include thedistribution of glossy brochures, the publication of Inflation Report-type documents, making speeches to the public, and continual communication with the elected government.以通货膨胀为目标的中央银行从事广泛的公共信息宣传活动,包括分发印刷精美的小册子、发布通货膨胀报告式文件、向公众发表演讲以与与民选政府进行持续的沟通.9.Sustained success in the conduct of monetary policy as measured against a pre-announced andwell-defined inflation target can be instrumental in building public s upport for a central bank’sindependence and for its policies. Also inflation targeting is consistent with democratic principlesbecause the central bank is more accountable.根据预先公布的和明确定义的通胀目标来衡量货币政策的持续成功,可能有助于建立公众对央行独立性和政策的支持.此外,通胀目标与##原则是一致的,因为央行更负责任.10.False. Inflation targeting does not imply a sole focus on inflation. In practice, inflation targeters do worryabout output fluctuations, and inflation targeting may even be able to reduce output fluctuations because it allows monetary policymakers to respo nd more aggressively to declines in demand because they don’t have to worry that the resulting expansionary monetary policy will lead to a sharp rise in inflationexpectations.错误,通胀目标制并不意味着只关注通胀.在实践中,实行通货膨胀目标制确实担心产出波动和通货膨胀目标甚至可以减少产出波动,因为它允许货币政策制定者更积极地应对需求下降,,因为他们不必担心由此产生的扩X性的货币政策会导致通胀预期大幅上升.11.This strategy has the following advantages: <a> it enables monetary policy to focus on domesticconsiderations; <b> underscoring the importance of price stability has helped it to mitigate thetime-inconsistency problem, and <c> it has had a demonstrated success, producing low inflation with the longest business cycle expansion since World War II. However, it has the following disadvantages: <a> there has been an inherent lack of transparency <although this has begun to change in the last few years under Bernanke>; <b> it is strongly dependent on the preferences, skills, and trustworthiness ofindividuals in the central bank and the government; and <c> it has some inconsistencies with democratic principles because the central bank is not highly accountable.这一战略具有以下优点:<a>它使货币政策能够专注于国内考虑;<b>强调价格稳定的重要性,有助于缓解时间矛盾的问题,而且<c>已经取得了成功,产生了自二战以来最长的商业周期扩X的低通胀.然而,它有以下缺点:<a>内在缺乏透明度<尽管在伯南克的任期内,这已经开始改变>;<b>在中央银行和政府中,它严重依赖于个人的喜好、技能和可信赖性;而且<c>它与##原则有一些不一致,因为中央银行没有高度负责.12.False. Although it is true that quantitative easing and other types of nonconventional policy can be usedonce the zero lower bound is reached on short-term interest rates, it is not a panacea. In particular, when the economy reaches the zero lower bound, this often can be coupled with deflationary conditions, whichcan be hard to design effective policies for, since the outcomes from such policies are much moreuncertain than conventional interest rate policy under typical conditions. In addition, nonconventional policies such as quantitative easing are more complex to implement, so it may be harder to effectively use these programs to push the economy away from the zero lower bound.虽然定量宽松政策和其他非常规政策可以在短期利率达到零下限的情况下使用,但它不是万灵药.特别是,当经济达到零下限时,这往往与通货紧缩的情况相结合,这很难设计有效的政策,因为这些政策的结果比传统的利率政策在典型的情况下更加不确定.此外,诸如量化宽松等非常规政策实施起来更为复杂,因此,要有效利用这些项目将经济从零下限推下,可能会更加困难.13.The zero lower bound on nominal interest rates makes it harder to implement expansionary policy asactual inflation <and hence short-term interest rates> fall closer to zero. As a result, there is less room to use monetary policy as a stabilization tool in a low inflation environment. In this context, it is argued thata higher inflation target may be appropriate to give policymakers more flexibility. The downside of thisof course is that in general higher inflation rates can be costly to society, posing a tradeoff for monetary policymakers in terms of flexibility versus efficiency of monetary policy.名义利率的零利率下限使实施扩X性政策变得更加困难,因为实际的通胀<因此短期利率>接近于零.因此,在低通胀环境下,使用货币政策作为稳定工具的空间更小.在这种背景下,有人认为,更高的通胀目标可能是适当的,以给予政策制定者更多的灵活性.当然,这样做的不利之处在于,总体而言,较高的通胀率可能会对社会造成巨大的损失,在货币政策的灵活性和效率方面对货币政策制定者构成了权衡.14.There are several reasons why monetary policy may not be effective in eliminating asset price bubbles.The main reason is that asset price bubbles are extremely difficult to identify in real time; in many cases, by the time there is a consensus among policymakers and the public that a bubble exists, it is usually too late to implement policies to effectively deflate the bubble. And even if an asset price bubble is identified in a timely manner, monetary policy is often thought of as too blunt an instrument to be able to deal effectively with most asset price bubbles. In particular, interest rate changes may have some modest short-term effects on reducing the asset price bubble, but the interest rate changes may have far more consequential effects on real economic activity and cause far worse collateral damage.在消除资产价格泡沫方面,货币政策可能无法发挥作用,有几个原因.主要原因在于,资产价格泡沫很难实时识别;在许多情况下,当决策者和公众一致认为存在泡沫的时候,实施有效抑制泡沫的政策通常为时已晚.即使资产价格泡沫与时得到确认,货币政策也常常被认为是无法有效应对大多数资产价格泡沫的工具.特别是,利率变化可能对降低资产价格泡沫有一些短期影响,但利率变化可能对实际经济活动产生更重要的影响,并造成更糟糕的附带损害.15.In general, the question of appropriate policy response is one of minimizing loss. Credit-driven bubbles<such as the housing bubble experience that resulted in the global financial crisis> can be farmoredevastating to the economy if a crash occurs than if policymakers acted to reduce the size of the bubble preemptively. In other words, raising interest rates to try to reduce the bubble may cause collateraldamage to the economy, but it would result in far less damage than would presumably occur if nothing were done at all and the bubble were allowed to continue to build. On the other hand, non-credit driven bubbles can more easily be dealt with after a crash; since financial markets generally function relatively normally following these types of bubble crashes, conventional monetary policy can be relativelyeffective at mitigating any recessionary conditions in the aftermath. Acting preemptively to address the bubble is likely to cause more collateral damage than is inflicted by any downturn related to a non-credit driven bubble crashing.一般而言,适当的政策应对问题是尽量减少损失.信贷驱动的泡沫<如导致全球金融危机的房地产泡沫经历>对经济的破坏性可能远远大于政策制定者采取行动以先发制人地减少泡沫的规模.换句话说,提高利率以试图减少泡沫可能会对经济造成连带损害,但如果不采取任何措施,而泡沫被允许继续建造的话,那么它所造成的损害将会大大减少.另一方面,非信用驱动的泡沫在崩盘后更容易得到处理;由于金融市场通常在这类泡沫崩溃后相对正常地运行,因此,传统的货币政策在缓解危机后的任何衰退条件下都是相对有效的.采取先发制人的行动来解决泡沫,可能会造成比任何与非信贷驱动的泡沫破裂有关的衰退造成更多的连带损失.16.Because a stock market bubble may be hard to identify <at least through consensus> and policy couldcause more damage than necessary, in general Greenspan would advocate not acting directly on the stock market bubble. However, insofar as the stock market bubble raised wealth and increased consumption and investment, raising interest rates would be seen as prudent in order to maintain low, stable inflation and minimize near-term output fluctuations as a result of the higher wealth. In other words, theGreenspan Doctrine would say not to act directly on the bubble, but to pursue policy as normal tomaintain price stability and stability in real economic activity.由于股市泡沫可能难以确定<至少是通过协商一致>,而政策可能会造成不必要的损失,格林斯潘一般不会主X直接在股市泡沫上采取行动.然而,由于股市泡沫增加了财富,增加了消费和投资,提高利率将被视为一种谨慎的做法,以维持低、稳定的通货膨胀,并将近期的产出波动最小化,这是财富增加的结果.换句话说,格林斯潘的理论会说,不要直接在泡沫上采取行动,而是要采取正常的政策,以维持物价稳定和实际经济活动的稳定.17.<a> The ten-year bond is an intermediate target because it is not directly affected by the tools of the Fed,but is linked to economic activity. <b> The monetary base is a policy instrument because it can bedirectly affected by the tools of the Fed and is only linked to economic activity through its effect on the money supply. <c> M1 is an intermediate target because it is not directly affected by the tools of the Fed and has some direct effect on economic activity. <d> The fed funds rate is a policy instrument because it can be directly affected by the tools of the Fed.<a>十年期债券是一个中间目标,因为它没有受到美联储工具的直接影响,而是与经济活动有关.<b>货币基础是一种政策工具,因为它可以直接受到美联储工具的影响,而且只通过其对货币供应的影响与经济活动有关.<c>M1是一个中间目标,因为它没有受到美联储工具的直接影响,而且对经济活动有直接影响.<d>联邦基金利率是一种政策工具,因为它可以直接受到美联储工具的影响.18.True. In such a world, hitting a reserves target would mean that the Fed would also hit its interest-ratetarget, or vice versa. Thus the Fed could pursue both a reserves target and an interest-rate target at the same time, but only if there were no variation in reserve demand.19.The Fed can control the federal funds rate by buying and selling bonds in the open market. When the fedfunds rate rises above the target level, the Fed would buy bonds, which would increase nonborrowed reserves and lower the interest rate to its target level. Similarly, when the fed funds rate falls below the target level, the Fed would sell bonds to raise the interest rate to the target level. The resulting open market operations would of course affect the quantity of reserves and the money supply and cause them to change. The Fed would be giving up control of reserves and the money supply to pursue itsinterest-rate target.美联储可以通过在公开市场上买卖债券来控制联邦基金利率.当联邦基金利率高于目标水平时,美联储将购买债券,这将增加非借入的储备,并将利率降低到目标水平.同样,当联邦基金利率低于目标水平时,美联储将出售债券,将利率提高到目标水平.由此产生的公开市场操作当然会影响外汇储备的数量和货币供应,并导致它们发生变化.美联储将放弃对外汇储备和货币供应的控制,以实现其利率目标.20.The monetary base is more controllable than M1 because it is more directly influenced by the tools of theFed. It is measured more accurately and quickly than M1 because the Fed can calculate the base from its own balance sheet data, while it constructs M1 numbers from surveys of banks, which take some time to collect and are not always that accurate. Even though the base is a better intermediate target on the grounds of measurability and controllability, it is not necessarily a better intermediate target because its link to economic activity may be weaker than that between M1 and economic activity.基础货币是比M1更直接更容易受美联储控制的工具.它比M1测量更准确,快速,因为美联储可以从自己的资产负债表计算基础数据,,虽然从银行调查的数据来构造M1,这需要一些时间收集,并不总是准确的.尽管基于可测量性和可控性基础货币是一个更好的中间目标,但它不一定是一个更好的中间目标,因为它与经济活动的联系可能比M1和经济活动之间的联系要弱.21.Disagree. Although nominal interest rates are measured more accurately and more quickly than reserveaggregates, the interest-rate variable that is of more concern to policymakers is the real interest rate.Because the measurement of real interest rates requires estimates of expected inflation, it is not true that real interest rates are necessarily measured more accurately and more quickly than reserves. Interest-rate targets are therefore not necessarily better than reserve targets.尽管名义利率比储备总量更准确、更迅速地衡量,但对政策制定者更关心的利率变量是实际利率.由于实际利率的衡量需要预期通胀的估计,因此实际利率比准备金更准确、更快地衡量是不正确的.因此,利率目标不一定比储备目标好.22.Bank behavior can lead to procyclical money growth because when interest rates rise in a boom, theydecrease excess reserves and increase their borrowing from the Fed, both of which lead to a highermoney supply. Similarly, when interest rates fall in a recession, they increase excess reserves anddecrease their borrowing from the Fed, leading to a lower money supply. The result is that the money supply will tend to grow faster in booms and slower in recessions—it is procyclical. Fed behavior also can lead to procyclical money growth because <as the answer to problem 24 indicates> an interest-rate target can lead to a slower rate of growth of the money supply during recessions and a more rapid rate of growth during booms.银行的行为会导致周期性的货币增长,因为当利率上升时,它们会减少超额准备金,并增加从美联储的借款,这两者都导致了更高的货币供应.同样,当利率下降时,它们会增加超额准备金,并减少向美联储的借款,从而导致货币供应减少.其结果是,在经济繁荣时期,货币供应往往会增长得更快,而在经济衰退时期则会放缓——这是周期性的.美联储的行为也会导致周期性货币的增长,因为<正如第24题的答案所示>,利率目标会导致经济衰退期间货币供应增长放缓,而繁荣时期的经济增长速度更快.23.<a> If unemployment rises, this would lower the output gap, and trigger a lower fed funds rate accordingto the Taylor rule. <b> If inflation rises by 1%, this alone would prompt the fed funds rate to rise by 1.5 percentage points. The decrease in the output gap alone would imply the fed funds rate would fall by 0.5 percentage points. Thus, the two factors together imply a net effect of increasing the fed funds rate by one percentage point according to the Taylor rule. <c> Prolonged increases in productivity growth would increase potential output, and with the same rate of actual output growth this would cause the output gap to decline, resulting in a decline in the fed funds rate according to the Taylor rule. <d> If potential output declines, this is the opposite of <e> above, so the fed funds rate would rise according to the Taylor rule.<f > If the inflation target is revised downward, this would increase the inflation gap at any giveninflation rate. This would result in a higher fed funds rate according to the Taylor rule.<a>如果失业率上升,这将降低产出缺口,并根据泰勒规则触发较低的联邦基金利率.<b>如果通胀率上升1%,这将促使联邦基金利率上升1.5个百分点.仅产出缺口的减少就意味着联邦基金利率将下降0.5个百分点.因此,这两个因素共同暗示着,根据泰勒规则,将联邦基金利率提高一个百分点的净效应.<c>生产率增长的长期增长将增加潜在产出,并以同样的实际产出增长率,这将导致产出缺口下降,从而导致联邦基金利率按照泰勒规则下降.<d>如果潜在产出下降,这与上述<e>相反,因此,根据泰勒规则,联邦基金利率会上升.<f>如果通胀目标向下修正,这将增加任何给定通货膨胀率的通胀差距.根据泰勒规则,这将导致联邦基金利率上升.ANSWERS TO APPLIED PROBLEMS24.An increase in the demand for reserves will raise the federal funds rate. In order to maintain the interestrate target, the Fed will buy bonds, thereby increasing the amount of nonborrowed reserves, which shifts the supply curve for reserves to the right, thereby keeping the fed funds rate from rising, as shown below.The open market purchase will then cause the monetary base and the money supply to rise.对准备金的需求增加将提高联邦基金利率.为了维持利率目标,美联储将购买债券,从而增加非借入准备金的数量,从而将准备金的供给曲线转移到右边,从而使美联储的基金利率不上升,如下图所示.公开市场购买将导致货币基础和货币供应增加.25.<a> Assuming the output gap and all other parameters remain constant, then the fed funds rate should beset to 4+ 2 +0.5*<4-2> + 0.5*1＝7.5%.<b> If the measure of expected inflation is the average of the two forecasts, then预期通货膨胀率＝0.5*<3%+ 5%>＝4%. In this case, again the Taylor rule would imply a setting of the fed funds rate of 7.5%.<c> If the measure of expected inflation is the average of the two forecasts, then预期通货膨胀率＝0.5*<0%+8%>＝4%. In this case, again the Taylor rule would imply a setting of the fed fundsrate of7.5%.<d> Probably not. In the situation in part <a>, it is assumed that there is very little uncertainty about what inflation will be, thus a Taylor rule approach to policy may work fine. However, in <b> and <c>, there is clearly more uncertainty about the state of the economy, and therefore having a mechanical rule to dictate policy without accounting for this uncertainty could be problematic. For instance, in part <c>, if future inflation actually turned out to be closer to 0%, the Taylor rule policy may prove to be too tight, and could push the economy into a deflationary situation. This example highlights why judgment and discretion in interpreting data are important parts of the monetary policy process.可能不合理.在部分<a>的情况下,假定通货膨胀率的不确定性非常小,因此泰勒规则的政策可能会很好.然而,在<b>和<c>中,显然对经济状况有更多的不确定性,因此,在不考虑这种不确定性的情况下,制定政策来决定政策是有问题的.例如,在某种程度上<c>,如果未来的通货膨胀率实际上接近0%,泰勒规则的政策可能会被证明过于紧缩,并可能使经济陷入通货紧缩的境地.这个例子强调了为什么判断和谨慎解释数据是货币政策过程的重要部分.。
《货币金融学》英文版米什金第十一版最新题库及解析
Chapter 31. Money is____A____.A) anything that is generally accepted in payment for goods and services or in the repayment of debtB) a flow of earnings per unit of timeC) the total collection of pieces of property that are a store of valueD) always based on a precious metal like gold or silver2. A person's house is part of her ___D_____.A) money B) income C) liabilities D) wealth3. The difference between money and income is that____B____.A) money is a flow and income is a stock B) money is a stock and income is a flowC) there is no difference, money and income are both stocksD) there is no difference, money and income are both flows4. Of money's three functions, the one that distinguishes money from other assets is its function as aC DA) store of value B) unit of accountC) standard of deferred payment D) medium of exchange5. Compared to an economy that uses a medium of exchange, in a barter economy（以货易货经济）___A___A) transaction costs are higher. B) transaction costs are lower.C) liquidity costs are higher. D) liquidity costs are lower.6. For a commodity to function effectively as money it must be___A___.A) easily standardized, making it easy to ascertain its valueB) difficult to make change C) hard to carry aroundD) deteriorate quickly so that its supply does not become too large7. Ann purchasing concert tickets with her debit card（借记卡）is an example of the __A___ function of money.与借记卡对应的是信用卡A) medium of exchange B) unit of account C) store of value D) specialization8.Dennis notices that jackets are on sale for $99. In this case money is functioning as a __B_____.A) medium of exchange B) unit of account C) store of value D) payments-system ruler9.As a store of value, money ____D___.A) does not earn interest B) cannot be a durable asset C) must be currencyD) is a way of saving for future purchases10. ___C__B_ is the relative ease and speed that an asset can be converted into a medium of exchange.资产转化为货币的速度和容易程度称之为什么A) Efficiency B) Liquidity C) Deflation D) Specialization11. Of the following assets, the least liquid is___D____.A) stocks B) traveler's checks C) checking deposits D) a house12. A fall in the level of prices___C____.物价与货币价值呈反比关系A) does not affect the value of money B) has an uncertain effect on the value of moneyC) increases the value of money D) reduces the value of money13. Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ____B____ money. （fiat money法定货币、名义货币）A) commodity B) fiat C) electronic D) funnypared to checks, paper currency and coins have the major drawbacks that they___A____.A) are easily stolen B) are hard to counterfeit C) are not the most liquid assetsD) must be backed by gold15. Which of the following is not a form of e-money? A BA) a debit card B) a credit card 不是货币，借银行的，属于负债方C) a stored-value card D) a smart card ——储值卡16. An electronic payments system has not completely replaced the paper payments system because of all of the following reasons except___A____.DA) expensive equipment is necessary to set up the systemB) security concerns C) privacy concerns D) transportation costs.17. ____B____ is the narrowest monetary aggregate that the Fed reports.美联储A) M0 B) M1 C) M2 D) M318. Which of the following is not included in the M1 but is included in the M2? DA) Currency B) Traveler's checks C) Demand depositsD) Small-denomination time deposits19. Of the following, the largest is___D____.A) money market deposit accounts B) demand deposits C) M1 D) M220. If an individual moves money from currency to a demand deposit account, CA) M1 decreases and M2 stays the same B) M1 stays the same and M2 increasesC) M1 stays the same and M2 stays the same D) M1 increases and M2 stays the sameChapter 41.The present value of an expected future payment ___B_____ as the interest rate increases.当利率增加时，现值的未来付款会AA) falls B) rises C) is constant D) is unaffected2. With an interest rate of 6 percent, the present value of $100 next year is approximately__A___. 利率为6%时，现值为100元，明年时大约有C PV=CF/利率=100/1+0.06 现值一般小于未来值A) $106 B) $100 C) $94 D) $923. A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as a___B__.信用市场工具要求借贷者每段时间支付相同的钱直到到期是A) simple loan B) fixed-payment loan C) coupon bond D) discount bond4. A ___C_____ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.向持有者支付每年固定付款贷款，直到到期，当价值被支付A) coupon bond; discount B) discount bond; discountC) coupon bond; face D) discount bond; face5. When talking about a coupon bond, face value and ___B_____ mean the same thing.当谈到零息债券，面值和是相同的意义A 面值：face value/par valueA) par value B) coupon value C) amortized value D) discount value.6. All of the following are examples of coupon bonds (付息债权）except__D___.以下例子中除了，都是付息债券的例子 BA) Corporate bonds 长期B) U.S. Treasury bills 短期债C) U.S. Treasury notes 中期（两年以上）D) U.S. Treasury bonds长期（十年以上）7. If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount is___C__.如果一个简单贷款两年的应付款为以10%的利率支付2420，则贷款金额为A) $1000 B) $1210 C) $2000 D) $22008.The yield to maturity is __A____ than the ______ rate when the bond price is _____ its face value. B到期收益率比的利率时，此时，市场价值它的面值面值由公司决定为1000，市场发售时为900，低于面值，而价格与到期收益率呈反比A) greater; coupon; above B) greater; coupon; belowC) greater; perpetuity; above D) less; perpetuity（永续债，不受市场影响，）; below9.Which of the following $5,000 face-value securities has the highest yield to maturity? B以下5000元面值的证券到期收益率最高的是 DA) A 6 percent coupon bond selling for $5,000B) A 6 percent coupon bond selling for $5,500C) A 10 percent coupon bond selling for $5,000D) A 12 percent coupon bond selling for $4,50010. The interest rate on a consol equals the __D___.债务的利率与相同A) price times the coupon payment B) price divided by the coupon paymentC) coupon payment plus the price D) coupon payment divided by the price11. The sum of the current yield and the rate of capital gain（资本利得=收益/本金）is called the _A____.当前的总收益和资本收益率被称为A) rate of return B) discount yield C) perpetuity yield D) par value.12. The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is __A___. C 资本利得=-5% 利息=5% 回报率=两者相加=05%的零息债券最初售价为1000元，下一年售价为950的回报率为A) -10 percent B) -5 percent C) 0 percent D) 5 percent13. Interest-rate risk is the riskiness of an asset's returns due to__B___.利率风险是资产由于的风险 AA) interest-rate changes (利率改变）B) changes in the coupon rate（）C) default of the borrower( credit risk信用风险) D) changes in the asset's maturity14. An equal decrease in all bond interest rates___A__.所有债权利率下降同样多会BA) increases the price of a five-year bond more than the price of a ten-year bondB) increases the price of a ten-year bond more than the price of a five-year bondC) decreases the price of a five-year bond more than the price of a ten-year bondD) decreases the price of a ten-year bond more than the price of a five-year bond15. The ____B____ interest rate more accurately reflects the true cost of borrowing.的利率会更准确的反映到对借贷的实际支付A) nominal B) real C) discount D) market16. When the ____C____ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.当的利率降低，的让利会增大，的让利会降低A) nominal; lend; borrow B) real; lend; borrowC) real; borrow; lend D) market; lend; borrow17.The ___A_____ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.表明名义利率等于实际利率加上通货膨胀的预期利率A) Fisher equation B) Keynesian equation C) Monetarist equation D) Marshall equation18. If you expect the inflation rate to be 4 percent next year and a one year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is ___C_____.如果你希望明年的通货膨胀率为4%，一年期债券的到期收益率达到7%，则这种债券的实际利率为A) -3 percent B) -2 percent C) 3 percent D) 7 percent19. The yield to maturity for a discount bond is ____A____ related to the current bond price.贴现债券的到期收益率与债券的现值的关系为A) negatively B) positively C) not D) directly20. The yield to maturity for a one-year discount bond equals the increase in price over the year, divided by the___A_____.一年期的贴现债券的到期收益率等于一年来价格的上涨除以A)initial price B) face value C) interest rate D) coupon rateChapter 101.Which of the following statements are true? D以下哪个描述是对的CA) A bank's assets are its sources of funds. B) A bank's liabilities are its uses of funds.C) A bank's balance sheet shows that total assets equal total liabilities plus equity capital.D) A bank's balance sheet indicates whether or not the bank is profitable.2. Which of the following are reported as liabilities on a bank's balance sheet? B下列哪个选项是作为银行资产负债表的负债A) Reserves B) Checkable deposits C) Loans D) Deposits with other banks3. Because checking accounts are ___D_____ liquid for the depositor than passbook savings, they earn ________ interest rates.因为活期存款对于存款人具有比存折储蓄的流动性，因而他们可以获得利息A) less; higher B) less; lower C) more; higher D) more; lower4. Bank loans from the Federal Reserve are called ____C____ and represent a ________ of funds. 来自美联储的银行贷款被称为B且代表了一种基金A) discount loans; use B) discount loans; source C) fed funds; use D) fed funds; source5. Bank capital is equal to ___A_____ minus ________.银行资本相当于减去。
中国人民大学金融专业考研米什金《货币金融学》学姐重点笔记
中国人民大学金融专业考研米什金《货币金融学》学姐重点笔记第四篇中央银行与货币政策操作第十三章中央银行的结构与联邦储备体系目标（最重要的目标是第一个，然后是前三个，都是人民生活相关）1物价稳定（通货膨胀会抑制经济增长，恶心通货膨胀具有极强的破坏力。
名义锚是锁定物价水平以实现物价稳定目标的名义变量，前提是这个变量和物价水平有着稳定并且可靠的联系。
使用名义锚，解决时间不一致问题。
时间不一致主要是指短期政策与长期政策发生了冲突。
比如新年制定了减肥计划，可是第二天却无法自抑开始吃冰淇淋。
使得计划不能在长期保持一致）2高就业（由于存在摩擦性失业和结构性失业，所以应该追求自然失业率）3经济增长4金融市场稳定5利率稳定6外汇市场稳定物价稳定是否应该成为最主要的货币政策目标？物价稳定在长期内和其他目标是一种的，比如在长期通货膨胀和失业率就不存在菲利普斯曲线，但是在短期，比如经济扩张，失业下降，经济过热，通货上涨，为了稳定物价，银行会提高利率，但这样就会减少就业和加剧利率不稳定性。
如何破？阶梯目标和双重目标联邦储备体系的起源由于对中央集权的恐惧，导致了国民第一银行和国民第二银行的实践失败，由于缺少最后贷款人，导致银行业恐慌频发。
最终，美联储诞生。
中央银行三大法宝美联储是独立的吗？1工具独立性和目标独立性1收到立法和国会压力2委员会成员任期2总统压力3独立的收入来源中央银行的行为：官僚行为理论，增强权利和声望的愿望，包括捍卫自主权和避免利益冲突美联储应该保证独立性吗支持，受迫于政治压力会有通货膨胀压力，政治周期理论，政治家缺乏解决复杂经济事务的能力反对，精英政治不民主，财政政策，未能履行好职责，不能摆脱政治压力，第十四章多倍存款创造和货币供给过程美联储的资产负债资产负债政府证券流通中的现金贴现贷款准备金美联储的负债是货币供给的重要组成部分，美联储的货币负债总额（流通中的现金与准备金之和）与美国财政部的货币负债（流通中的财政货币，主要是铸币）被称为基础货币（又叫高能货币）负债或资产的科目的变动都会引起基础货币的增加，然后通过货币乘数和货币供给发生联系基础货币分为两种，非借入基础货币和借入准备金但美联储通过资产的运作（公开市场操作和贴现率），对基础货币实施控制公开市场购买对准备金的影响取决于债券出售方将销售所得现金以现金还是存款形式持有，但是无论哪种，对基础货币的影响是相同的。
人大金融硕士考研米什金《货币金融学》笔记16
产出缺口
均衡实际联邦基金利率：长期内和充分就业相一致的利率。
通胀缺口：当前通货膨胀率减去目标通货膨胀率。
产出缺口：实际 GDP 与潜在充分就业水平下 GDP 估计值的百分率偏差。
1）泰勒定理：货币当局提高名义利率幅度应当超出通货膨胀率的上升的幅
度。
2）不能机械使用泰勒规则的原因
1. 货币政策有很长的时滞。
以货币为指标
2. 有助限制政策制定者陷 的联系。
日本
入时间不一致陷阱。
德国
1. 不依赖稳定的货币-通货 1. 信号时滞，不易控制。 新西兰
膨胀关系。
2. 规则过于僵化。
加拿大
2. 易于理解，高度透明，强 3. 增加产出波动可能性。 英国
以通胀为指标 调定期与公众交流。
4. 可能的产出与就业率的
3. 增强央行责信度，降低陷 低增长。
利率波动。
类似地，钉住 iff 的情况下，由于需求曲线波动，导致 NBR 的波动，如
下图。
供求分析结论是，利率和准备金总量指标是不兼容的，央行只能二选其
一。
2）选择政策手段的标准：可测量性，可控性，对目标有可预计的影响（最
重要）。
4. 战术：泰勒规则
联邦基金利率指标 = 通胀率 + 均衡实际联邦基金利率 + 通货膨胀缺口 +
(三) 简答题答题方法 【考研名师答题方法点拨】
简答题难度中等偏下，主要是考察考生对于参考书的重要知识点的记忆和背 诵程度。往往是“点对点”的考察。一般不需要跨章节组织答案。因此，只要大 家讲究记忆方法，善于记忆，记忆 5-7 遍，就可以保证这道题目基本满分。
简答题采用“定义+框架+总结”答题法。 首先把题干中涉及到的最重要的名词(也叫大概念)进行阐述，就像解答名 词解释一样。这一环节不能省略，否则无意中丢失很多的分数，这是很多考生容 易忽视的一点。 读懂题意，列要点进行回答。回答要点一般 3-5 点，每条 150-200 字。 进行简单的总结，总结多为简单评析或引申。 【答题示范】
货币金融学课后答案米什金
货币金融学课后答案米什金货币金融学课后答案1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。
假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢你能否列出高利贷合法的依据我应该去找高利贷款，因为这样做的结果会更好。
我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。
因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。
（一个反对高利贷的观点认为它常常会造成一种暴利活动）。
2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。
”这种说法是正确的、错误的还是不确定说明你的理由。
正确。
如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。
3、风险分担是如何让金融中介机构和私人投资都从中获益的风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。
低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。
对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。
4、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能为什么在哪一个时期你更愿意持有货币在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。
因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。
货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。
在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。
因此，人们在物价水平比较稳定的时期更愿意持有货币。
5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。
对外经济贸易大学金融专业考研(米什金)《货币金融学》辅导讲义9
1. 货币政策有很长的时滞。 2. 没人知道真是的经济模型是什么样的。 3. 经济随时都在发生变化，因此泰勒规则的系数不可能一成不变。 4. 次贷危机要求货币政策作出调整，不应使用一成不变的自动制定机制。 3）例题：假定均衡的实际 iff 与适当的通胀目标均为 2%，缺口权重均是 0.5，
通胀率为 3%，产出缺口是 1%，计算 iff 指标 （6%）。 5. 央行应对资产价格泡沫的反应：次贷危机的教训 1）资产价格泡沫：1. 信贷驱动型：（相对容易确认）机理：信贷繁荣推高资产价格。
2. 中央银行目标：主要：物价稳定（长期条件下）。 其他：高就业，经济增长，金融市场稳定，利率稳定，外汇市场稳定。
3. 美联储独立性的讨论 支持：1）削弱独立性会使其更多地受制于政治活动，导致货币政策有通胀倾向。 2）独立美联储可以追求长期目标，而不必为解决一些短期问题而导致政治经济
周期。 3）货币政策的制定专业性很强，不能交给政治家。
米什金《货币金融学》第16章
米什金《货币金融学》第16章重点知识1.货币政策的其他目标①高就业和产出稳定②经济增长③金融市场稳定④利率稳定⑤外汇市场稳定2.物价稳定是否应该作为最主要的货币政策目标物价稳定与货币政策的其他目标在长期内不存在不一致的问题。
但在短期内，物价稳定常常与高就业和利率稳定等目标发生冲突。
只要物价稳定是长期而非短期目标，中央银行就可以通过允许通货膨胀率在短期内偏离长期目标，实现减少产出波动的目的。
3.通货膨胀目标制以通货膨胀为指标包括几个方面：a)公布中期通货膨胀率目标数值；b)为达到产出稳定等其他目标，央行短期内拥有采取灵活政策的权力；c)要求货币政策决策者保持实质性的开放和透明。
①优点：a)通货膨胀指标允许货币当局使用所有可用的信息，而不仅仅是一个变量，实现了规则性和灵活性的高度统一；b)易于公众理解，透明度高；c)明确的通胀指标数值增强了中央银行的责信度，在很大程度上可以防止中央银行为了在短期内增加产出和就业而推行过分扩张的货币政策，从而降低了中央银行陷入时间不一致性陷阱的概率。
②缺点：a)信号时滞，通货膨胀指标不能及时向公众和市场发送关于货币政策动向的信号；b)过于僵化，给货币政策制定者规定了严格的规则，限制了他们对无法预见的情况做出反应的能力；c)增加产出的波动性，当通货膨胀率高于指标时，只关注通货膨胀可能导致过分紧缩的货币政策，进而可能导致较大的产出波动；d)低经济增长。
4.美联储“直接行动”的货币政策战略①优点：a)不依赖于货币和通货膨胀之间的稳定联系；b)有助于阻止过分扩张的货币政策，进而改善时间不一致问题；c)已被证明是成功的。
②“直接行动”的缺点：a)缺少透明度，导致了金融市场不必要的波动；b)十分依赖中央银行负责人的偏好、能力和可信赖性；违背了民主原则。
5.金融危机对于货币政策战略的启示①金融部门发展对于经济活动的意义超出了我们的认识。
金融震荡的逆向选择对经济活动的破坏作用远远超过我们的预期。
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第16章 货币政策操作：战略与战术
一、概念题
1．货币政策的中介目标与最终目标
答：货币政策的中介目标是指中央银行为了实现货币政策最终目标而设置的可供观测和调整的指标，中央银行在货币政策实施的过程中可据以衡量对最终目标所产生的初步影响。
一般货币政策的中介目标满足可测性、可控性和相关性特征，主要的货币政策中介目标是利率和货币供应量。
货币政策最终目标是货币政策运行的宏观经济总体目标。
一般包括充分就业、稳定物价、经济增长和国际收支平衡四项内容。
2．操作目标
答：货币政策操作目标也称中间目标，是指在货币政策实施过程中选定出来用于反映货币政策实施进度的指标，通过政策工具影响这些指标，并能够借这些指标观测出货币政策的实施效果。
通常认为中介指标的选取应符合如下一些特点：
①可控性，是指中央银行通过对各种货币政策工具的运用，能对该金融变量进行有效的控制和调节，能够较准确地控制金融变量的变动状况及其变动趋势。
②可测性，是指中央银行选择的金融控制变量概念清晰，中央银行能迅速而准确地收集到有关指标的数据资料，便于定量分析。
③相关性，是指中央银行选择的中间目标，必须与货币政策最终目标有密切的联动关系，中央银行通过对中间目标的控制能实现货币政策最终目标。
④抗干扰性，是指中间目标不受外来因素或非政策因素的干扰。
二、选择题
1．属于货币政策远期中介目标的是（ ）。
A．汇率
B．利率
C．基础货币
D．超额准备金
【答案】B
【解析】利率和货币供应量两种指标一般视为远期指标。
这类中介指标离货币政策最终目标较近。
但中央银行对这些指标的控制力弱于像超额准备和基础货币这样的短期指标。
2．下列可作为货币政策的中介指标的是（ ）。
A．市场利率
B．法定准备金率
C．再贴现率
D．超额准备金率
【答案】AD
【解析】根据可控性、可测性和相关性三个条件所确定的中介指标一般有利率、货币供应量、超额准备金和基础货币等。
3．影响货币政策外部时滞的主要因素是（ ）。
B．货币当局制定政策的效率
C．经济社会和金融因素
D．货币当局对政策的调整力度
【答案】C
【解析】外部时滞又称影响时滞，指从货币当局采取行动开始直到对政策目标产生影响为止的这段过程。
外部时滞主要由客观的经济和金融条件决定。
不论是货币供给量还是利率，它们的变动都不会立即影响到政策目标。
比如企业是扩大还是缩减投资，要决策，要制定计划，然后付诸实施。
每个阶段都需要时间。
4．超额准备金作为货币政策中介指标的缺陷是（ ）。
A．适应性弱
B．可测性弱
C．相关性弱
D．抗干扰性弱
【答案】B
【解析】超额准备对商业银行的资产业务规模有直接决定作用。
存款准备金率、公开市场业务和再贴现率等货币政策工具，都是通过影响超额准备金的水平而发挥作用的。
但是，作为中介指标，超额准备金往往因其取决于商业银行的意愿和财务状况而不易为货币当局测度、控制。
5．货币政策中间目标一般是（ ）。
B．信用
C．现金
D．存款
【答案】A
【解析】货币政策主要的中间目标主要有：①利率，中央银行能够直接影响其变动，其变动又将影响经济，其相关资料也易于获取；②货币供给量，该中间目标各层次指标易于进行量的测算、分析，且其变动可由中央银行调控基础货币予以影响，其变动与货币政策最终目标实现间关系密切；③基础货币，该中间目标可为中央银行直接控制，其变动将引起货币供给总量变动并因此影响货币政策最终目标的实现；④存款准备金，该中间目标一般易为中央银行测度、控制；⑤其他，如通货膨胀指标。
三、判断题
1．货币政策操作指标需要满足可测性、可控性、相关性和抗扰性的特点。
货币供应量的相关性、抗扰性较好，但可测性和可控性不足，因此不是好的操作指标。
（ ）【答案】×
【解析】货币政策操作中介指标需要满足可测性、可控性、相关性和抗扰性的特点。
货币供应量具有很强的可测性，并且能够满足可控性和相关性的要求，而且抗扰性也较好。
2．任何一个国家要想同时实现货币政策的所有目标是很困难的，因此，各国一般都选择一到两个目标作为货币政策的主要目标。
（ ）
【解析】货币政策四大目标中的任意两个目标之间都存在着一定的矛盾和冲突，如稳定物价与充分就业目标之间，稳定物价与经济增长目标之间，经济增长与国际收支平衡目标之间，因此各国一般仅选择一到两个目标作为货币政策的主要目标。
3．在两个目标之间存在矛盾的情况下，通过适当操作，将货币政策的两个目标都能控制在相对合理的水平，是凯恩斯学派相机抉择的方法。
（ ）
【答案】×
【解析】在两个目标之间存在矛盾的情况下，通过适当操作，将货币政策的两个目标都能控制在相对合理的水平，是统筹兼顾的方法。
四、简答题
1．什么是货币政策的“双重目标论”？
答：（1）双重目标论的定义
货币政策的“双重目标论”是指在制定和执行货币政策时，要将币值稳定和经济增长同时作为货币政策的目标。
货币政策的目标指的是中央银行制定和执行货币政策所要达到的最终目标，一般来说，货币政策的目标包括币值稳定、经济增长、充分就业、国际收支平衡四个方面。
根据对货币政策目标的选择不同，可以分为货币政策的单一目标论、双重目标论、多重目标论。
（2）双重目标论的内容
双重目标论认为，货币政策的目标不可能是单一的，而应当是同时兼顾稳定币值和经济增长这双重目标。
经济增长是币值稳定的物质基础，而币值稳定又有利于经济的长期稳
实现该目标，对整个国民经济的稳定协调发展也是不利的。
我国的《中国人民银行法》规定，我国货币政策的目标是保持物价稳定，并在此基础上促进经济发展，在一定程度上，也属于双重目标论。
2．什么是通货膨胀目标制？为什么近年来一些国家直接采用通货膨胀目标制作为货币政策目标？
答：（1）通货膨胀目标制的概念和特点
通货膨胀目标制指货币当局事前向社会公众宣布年度物价上涨目标，并通过观察包括货币供应量、失业率、股票指数在内的一系列指标来定期分析经济态势和物价走势，做出适当的货币政策操作，确保实际物价上涨水平维持在公布的通货膨胀预期目标之内。
这一新的政策框架的特点是：①抑制通货膨胀成为中央银行唯一的政策目标，政策当局必须事先确定一个目标通货膨胀率并向全社会公布；②货币当局为实现这一目标做出相应的承诺，通货膨胀目标的实现与否，成为评价货币政策绩效的首要标准。
为此，中央银行享有充分的独立性；③新的政策改革使得货币政策的中介目标不再重要，中央银行的政策反映主要根据社会公众对通货膨胀的预期以及中央银行对通货膨胀的预测是否偏离公布的目标而定。
（2）一些国家采用通货膨胀目标制作为货币政策目标，是因为与利率和货币供应量相比，它具有很大的优点。
通货膨胀目标制最大的特点是实现了规则性和灵活性的统一，从而克服了传统框架下单纯盯住某种特定金融变量的弊端：
①增加了政策透明度。
公众可对货币政策目标、手段及政策调整依据有一个较为全面的了解，一方面有利于增加公众对货币政策的信心，另一方面也有利于公众对货币政策的。