[考試技巧拆題] 公開市場買債 DSE ECON 2014/Paper 2/Q12

DSE ECON 2014/Paper 2/Q12
這題主要講日本Central bank purchase bonds from the public中央銀行在公開市場買債，想透過expansionary monetary policy擴張性貨幣政策去刺激已死的經濟XD

(a) Central bank purchase bonds中央銀行買債會如何影響Monetary Base貨幣基礎(M0)?
(b) Describe信貸創造credit creation個process。信貸創造Credit creation會否further增加 Monetary Base貨幣基礎(M0)?
(c) 考ASAD問Short run 短期對整體經濟Y, P的影響。

(a)
• Increase M0 增加貨幣基礎。
• Monetary Base貨幣基礎 = (R)Reserve held by banks銀行儲備+ (Cp)Cash held by non-bank public 非銀行公眾持有的現金
• Central bank purchase bonds from the public在公開市場買債會增加R，M0升。

(b)
• A new deposit in any bank will first give excess reserves to the bank. The bank will use the excess reserves for loans. Since there is no cash leakage, the new loans will be re-deposited into the banking system. New loans will become new deposits and new deposits create new excess reserves. New excess reserves will be used for loans again. The process goes on and on.好悶=.=
• 信貸創造credit creation這個process並不影響M0，只影響D及Ms。

(c)
• OMP (Open Market Purchase), Ms升
• R跌, I升
• AD升
• Y升
• P升
• +圖 (顯然AD向右移動，SR影響即可)

根據這年的Paper 2題目，預計考評局有意提升Paper 2問題質素，想考生多思考分析政策目的、影響、成效，唔想大家太依賴圖。這亦是我經常提學生的，圖只不過是表達的其中一種方式，如果明白背後分析及邏輯，根本不用死記圖亦可處理題目。

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