2014年ACCA考试F103复习笔记：货币政策
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Monetary policy: government policy on the money supply, the monetary system, interest rates, exchange rates and the availability of credit.
货币政策：政府政策对货币供应，货币系统，利率，汇率和提供信贷。
Monetary policy uses money supply, interest rates or credit controls to influence aggregate demand.
货币政策使用货币供应，利率和信贷控制，影响总需求。
10.1 Objectives of monetary policy 货币政策的目标
To achieve these ultimate objectives, the authorities will set intermediate objectives for monetary policy. 实现这些终极目标，当局将设置中间目标的货币政策。
10.2 The money supply as a target of monetary policy 货币供应量作为货币政策的目标
To monetarist economists, the money supply is an obvious intermediate target of economic policy.对货币主义经济学家，货币供应量是一个明显的经济政策的中间目标。
The current trend is to call this quantitative easing.
目前的趋势是调用此量化宽松。
10.3 Interest rates as a target for monetary policy 利率作为货币政策目标
The authorities might decide that interest rates should be a target of monetary policy.
当局可能会决定利率应该是一个货币政策的目标。
A rise in interest rates will raise the price of borrowing.
利率的上升会提高借款的价格。
Investments will become less attractive and investment plans may be curtailed.
投资将会减少吸引力，投资计划会受到限制。
The connection is not a stable and predictable one, and interest rate changes are only likely to affect the level of expenditure after a considerable time lag.
连接不稳定和可预测的，与利率变化在相当长的时间滞后只可能影响支出水平。
Other effects of raising interest rates: 其他利率提高的影响
A) High interest rates will keep the value of sterling higher than it would otherwise be.高利率将会保英镑的价值高于其他货币。
B) High interest rates will attract foreign investors into sterling investments.
高利率将会吸引国外投资者用英镑投资。
10.4 The exchange rate as a target of monetary policy 汇率作为货币政策的目标
Reasons：汇率是目标的理由
Giving stimulus to exports and reducing demand for imports.
刺激出口和减少进口需求
10.5 Targets and indicators 目标和指标
A) A leading indicator 领先指标
B) A coincident indicator is one which gives an indication of changes in economic conditions at the same time that these changes are occurring,一个同步指标是一个显示出在经济条件的变化在同一时间，这些变化正在发生
C) A lagging indicator 落后指标
10.6 Monetary policy and fiscal policy 货币政策和财务政策
Monetary policy can be made to act a subsidiary support to fiscal policy and demand management.
货币政策可以采取一个辅助支持的财政政策和需求管理。
A) A policy of low interest rates can increase expenditure in the economy 一个低利率的政策能提高经济支出
B) High interest rates might act as a deterrent to borrowing and so reduce spending in the economy.高利率可能作为一种威慑借款和减少经济支出。
C) Strict credit controls can reduce demand in the economy.严格的信贷控制能够减少经济需求。
10.7 Monetary policy, inflation control and economic growth
货币政策，通货膨胀控制和经济增长
A) economic uncertainty经济不确定性
B) Stimulate investment刺激投资
C) A controlled growth in the money supply.控制货币供应的增长
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