【ppt精品課件】貨幣金融學(xué)7版英文課件--17-大學(xué)課件2(編輯修改稿)
2025-01-21 13:28 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 e Bank. 15 169。 2023 Pearson Education Canada Inc. The Bank’s Current Approach to Moary Policy In February 1991, the Bank’s governor and the minister of finance announced a series of declining ? targets. The targets were 3% by the end of 1992, falling to 2% by the end of 1995, to remain within a range of 1%3% thereafter. The 1%3% target range for ? was renewed in December 1995, in early 1998, and again in May 2023, to apply until the end of 2023. The goal of the Bank’s current policy is to keep ? at the midpoint of the ? target range, 2%. 16 169。 2023 Pearson Education Canada Inc. How the Bank Keeps ? From Falling Below the Target Range The Bank expects the economy to slow down and wishes to ease moary conditions. It lowers the operating band for ior, thereby encouraging banks to borrow R either from each other at ior or from the Bank at ib The ? in i and E lead to an ? in M, AD, and P, thereby preventing ? from falling below the target range. $euroE ?17 169。 2023 Pearson Education Canada Inc. How the Bank Keeps ? From Moving Above the Target Range The Bank expects the economy to be exceeding its capacity in the future and wishes to slow it down. It raises the operating band for ior in order to prevent inflationary pressures from building. The ? in i and E lead to an ? in M, AD, and P, thereby preventing ? from moving above the target range. $euroE ?18 169。 2023 Pearson Education Canada Inc. The Bank’s Influence on LongTerm Interest Rates By changing the operating band for ior the Bank sends a signal regarding the direction that it would like i and M to take. ?A rise in the band and thus ib is a signal that the Bank would like to see ? i and ? M in the economy. ?A fall in the band is a signal that the Bank would like ? i and ? M. However, the Bank’s direct influence on longterm rates diminishes as the time period ?. Longterm rates can be either higher or lower than shortterm rates depending on expectations about ? and the level of shortterm rates in the future, the relative balance between the demand for and supply of loanable funds, the level of i in the U. S., and the relative stance of moary policies in the two countries. 19 169。 2023 Pearson Education Canada Inc. Open Market Operations Two Types 1. Dynamic: Meant to change MB 2. Defensive: Meant to offset other factors affecting MB Advantages of Open Market Operations 1. Bank has plete control 2. Flexible and precise 3. Easily reversed 4. Implemented quickly 20 169。 2023 Pearson Education Canada Inc. SPRAs and SRAs Over the years, the Bank introduced additional tools in its conduct of moary policy. 1. In 1985, the Bank introduced repos, which in Canada are known as Special Purchase and Resale Agreements (SPRAs) 2. In 1986, the Bank introduced reverse repos, known in Canada as Sale and Repurchase Agreements (SRAs) By 1994, the Bank stopped conducting open market operations in government of Canada Tbills and bonds and its most mon operations since then have been repurchase transactions, either SPRAs of SRAs. SPRAs and SRAs, are conducted with primary dealers (formerly known as jobbers) the Big Six and the major investment dealers. 21 169。 2023 Pearson Education Canada Inc. Th
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