An economy’s long-term trend rate of real GDP growth is 3%and the central bank’s target inflation rate is 2%.If the policy rate is 6%,monetary policy is:

 

　　A)contractionary.

 

　　B)expansionary.

 

　　C)neutral.

 

　　Answer:A

 

　　Monetary policy is contractionary when the policy rate is greater than the neutral rate,which is the sum of the real trend rate of economic growth and the target rate of inflation.Here,the neutral rate is 3%+2%=5%and the policy rate of 6%is greater than the neutral rate.Monetary policy is expansionary when the policy rate is less than the neutral interest rate.

 

　　解析：

 

　　一个经济长期趋势是real GDP为3%，央行目标inflation rate为2%，policy rate是6%，货币政策如何？那这题中，告知了实际GDP和通胀率，所以自然增长率是3%+2%=5%，但是政策利率是6%高于自然增长率，可见是紧缩型货币政策，答案选A。因为政策利率高了之后，货币更愿意进入银行，而非流通投资，所以紧缩。