CFA一級經(jīng)濟學(xué)精選考點
　　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：
　　一個經(jīng)濟長期趨勢是real GDP為3%，央行目標inflation rate為2%，policy rate是6%，貨幣政策如何？那這題中，告知了實際GDP和通脹率，所以自然增長率是3%+2%=5%，但是政策利率是6%高于自然增長率，可見是緊縮型貨幣政策，答案選A。因為政策利率高了之后，貨幣更愿意進入銀行，而非流通投資，所以緊縮。