答案和详解如下： 1.Economists have argued that central bank policy should lead rather than follow the financial markets. Which of the following is least likely a reason why central bank policymakers should not rely on financial market information to make decisions? The financial markets: A) are subject to a high degree of transparency. B) are subject to fads and bubbles. C) exhibit herding behavior. D) often tend to overreact. The correct answer was A) Financial market data communicates useful information to a country’s central bank. However, because markets are subject to fads and bubbles, exhibit herding behavior, and often overreact, a central bank should not follow the markets, but guide them. Many markets do not exhibit a high degree of transparency, and transparency is not a reason that information generated by financial markets should not be relied on. 2.At a recent “Capital Markets and Financial Integration” workshop, Steven Colby was describing the importance of communication between a country’s central bank and the financial markets. During his presentation, he made the following statements: Statement 1: Financial markets provide a country’s central bank with significant information about future economic developments. For example, the bond markets provide policymakers with information about expected future interest rates through the term structure of interest rates. Statement 2: If the financial markets receive new information which indicates risks to price stability, the markets’ response will be influenced by participant’s expectations about policy maker’s response. Therefore, to maintain price stability, the central bank should communicate its commitment to price stability as clearly as possible. Are the statements as made by Colby correct?
A) Incorrect Correct B) Correct Incorrect C) Correct Correct D) Incorrect Incorrect The correct answer was C) Statement 1 is correct. Financial market data communicates useful information to the central bank. The term structure in the bond market gives policymakers information about expected future interest rates. Statement 2 is also correct. When the financial markets receive new information that suggests risks to price stability, the market’s reaction depends on how well market participants anticipate the response of policy makers. Poor communication of the intent of the central bank can lead to uncertainty, instability in financial markets, and policy decisions that surprise markets. 3.Which of the following statements regarding the importance of communication between a central bank and the financial markets is least accurate? A) The bond markets provide a central bank with an assessment of expected future interest rates through the shape of the yield curve. B) The equity markets function as a transmitter of economic shocks. C) The equity markets do not provide a central bank with reliable information because the information conveyed is based on past economic activity rather than future economic activity. D) The bond derivatives market provides a central bank with important information about the market’s uncertainty about future interest rates. The correct answer was Equity markets can provide a central bank with information. They are a leading indicator of economic activity and a transmitter of economic shocks, in that sudden reductions in shareholder wealth can reduce consumption. 4.Central banks need to ensure that they are guiding the financial markets rather than simply following them. Which of the following reasons cited for why central banks should not follow the financial markets is the least accurate? A) Financial markets tend to exhibit a herd mentality. B) Markets tend to overreact to the release of new information. C) Financial market prices are not relevant to monetary policy decisions. D) The financial markets are susceptible to fads and speculative bubbles. The correct answer was C) The financial markets are subject to fads and bubbles, exhibit a herd mentality (e.g., if the equity markets are rising then most investors will follow the herd and buy stocks), and often overreact to the release of information. Therefore, a central bank should not follow the financial markets, but guide them. Even so, policymakers can draw useful information from financial market data about expected interest rates and the market’s level of uncertainty about them. 5.In a recent discussion at a Board of Directors meeting of Econometrics Inc., two statements were made regarding the importance of communication between a central bank and the financial markets. The statements were: Statement 1: “Poor communication by central banks of their intent can lead to uncertainty, instability in the financial markets, and unanticipated policy decisions that can disrupt financial markets.” Statement 2: “Central banks around the world should communicate clearly and transparently to the financial markets that they will preserve their policymaking flexibility when threats to price stability emerge.” Are Statement 1 and Statement 2 as made by the Board members correct?
A) Correct Correct B) Correct Incorrect C) Incorrect Incorrect D) Incorrect Correct The correct answer was B) Statement 2 is incorrect. The purpose of communicating monetary policy clearly and transparently is to enable financial market participants to understand and anticipate how the central bank will react to new information that suggests a threat to price stability. | 
发表于 2008-4-10 13:54
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