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张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，要求其推行过度扩张的政策。

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，可能会无视更重要的因素，这些因素在日常生活中可能会对经济造成更大的损失，比方稳定产出、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 raiseinflation 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、向公众发表演讲以及与民选政府进行持续的沟通。