问题 单项选择题

在浮动汇率制下,当资金完全流动时( )。

A.货币政策无效,财政政策有效

B.货币政策有效,财政政策无效

C.货币政策和财政政策均有效

D.货币政策和财政政策均无效

答案

参考答案:B

解析:[分析]
资金完全流动时,开放经济的均衡状态如图11-1所示。此时,由于资本与金融账户情况决定了国际收支的平衡,因此在假定汇率变动对资金流动没有影响的前提下汇率变动对BP曲线没有影响。
(1)货币政策分析。货币扩张造成的本国利率下降,会立刻通过资金流出造成本币贬值,这推动着IS曲线右移,直至与LM曲线相交确定的利率水平与世界利率水平相等为止,如图11-2所示。此时,收入不仅高于期初水平,而且也高于封闭条件下的货币扩张后的情况,本币贬值。我们可以得出结论:在浮动汇率制下,当资金完全流动时,货币扩张会使收入上升,本币贬值,对利率无影响。因此,此时的货币政策是非常有效的。
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(2)财政政策分析。扩张性的财政政策造成的本国利率上升,会立刻通过资金的流入而造成本币升值,这就会推动IS′曲线左移,直至返回原有位置,利率水平重新与世界利率水平相等为止。此时与期初相比,利率不变,本币升值,收入不变。需要指出的是,此时收入的内部结构发生变化,财政政策通过本币升值对出口产生了完全挤出效应,即财政支出导致了等量的出口下降,如图11-3所示。我们可以得出结论:在浮动汇率制下,当资金完全流动时,扩张性的财政政策会使本币升值,对收入、利率均不能产生影响。因此,此时的财政政策是完全无效的。
综上所述,在浮动汇率制下,当资金完全流动时,货币政策有效,财政政策无效,本题的正确选项为B。

单项选择题
单项选择题

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The past ages of man have all been carefully labeled by anthropologists. Descriptions like "Paleolithic Man", "Neolithic Man", etc. , neatly sum up the whole periods. When the time comes for anthropologists to turn their attention to the twentieth century, they will surely choose the label "Legless Man". Histories of the time will go something like this: "in the twentieth century, people forgot how to use their legs. Men and women moved about in cars, buses and trains from a very early age. There were lifts and escalators in all large buildings to prevent people from walking. This situation was forced upon earth dwellers of that time because of miles each day. But the surprising thing is that they didn’t use their legs even when they went on holiday. They built cable railways, ski lifts and roads to the top of every huge mountain. All the beauty spots on earth were marred by the presence of large car parks. "
The future history books might also record that we were deprived of the use of our eyes. In our hurry to get from one place to another, we failed to see anything on the way. Air travel gives you a bird’s eye view of the world—or even less if the wing of the aircraft happens to get in your way. When you travel by car or train a blurred image of the countryside constantly smears the windows. Car drivers, in particular, are forever obsessed with the urge to go on and on: they never want to stop. Is it the lure of the great motorways, or what And as for sea travel, it hardly deserves mention. It is perfectly summed up in the words of the old song: " I joined the navy to see the world, and what did I see I saw the sea. "The typical twentieth century traveler is the man who always says, " I’ve been there. " You mention the remotest, most evocative place names in the world like E1 Dorado, Kabul, Irkutsk and someone is bound to say," I’ve been there"—meaning, "I drove through it at 100 miles an hour on the way to somewhere else. "
When you travel at high speed, the present means nothing: you live mainly in the future because you spend most of your time looking forward to arriving at some other place. But actual arrival, when it is achieved, is meaningless. You want to move on again. By traveling like this, you suspend all experience; the present ceases to be a reality: you might just as well be dead. The traveler on foot, on the other hand, lives constantly in the present. For him traveling and arriving are one and the same thing : he arrives somewhere with every step he makes. He experiences the present moment with his eyes, his ears and the whole of his body. At the end of his journey he feels a delicious physical weariness. He knows that sound. Satisfying sleep will be his : the just reward of all true travelers.

Anthropologists label nowadays’ men "Legless" because ______.

A. people forget how to use their legs
B. people prefer cars, buses and trains
C. lifts and escalators prevent people from walking
D. there are a lot of transportation devices