初学经济学的学生通常很难理解紧缩性货币政策和扩张性货币政策是什么,以及它们为什么会产生影响。一般来说,收缩性货币政策和扩张性货币政策涉及改变一个国家的货币供应水平。扩张性货币政策只是扩大(增加)货币供应量的政策,而收缩性货币政策则缩小(减少)一国货币供应量。在美国,当联邦公开市场委员会希望增加货币供应量时,它可以做三件事的结合:在公开市场购买证券,称为公开市场操作,这些都直接影响利率。当美联储在公开市场购买证券时,它会导致这些证券的价格上涨。在我关于削减股息税的文章中,我们看到债券价格和利率成反比。联邦贴现率是一种利率,所以降低它实质上是降低利率。如果美联储决定降低存款准备金率,这将导致银行能够投资的资金数量增加。这导致债券等投资的价格上升,因此利率必须下降。无论美联储使用什么工具来扩大货币供应量,利率都会下降,债券价格也会上涨。美国债券价格的上升将对外汇市场产生影响。不断上涨的美国债券价格将促使投资者出售这些债券,以换取其他债券,如加拿大债券。因此,投资者会卖掉他的美国债券,用他的美元换成加拿大美元,然后买加拿大债券。这使得美元在外汇市场上的供应增加,而加拿大美元在外汇市场上的供应减少。正如我在《汇率入门指南》中所指出的,这导致美元相对于加拿大美元变得不那么有价值。较低的汇率使得美国在加拿大生产的商品更便宜,而加拿大在美国生产的商品更贵,因此出口将增加,进口将减少,导致贸易余额增加。当利率较低时,资本项目融资成本较低。因此,其他一切都是平等的,更低的利率会导致更高的投资率。

加拿大戴尔豪西大学经济学Essay代写: 收缩性货币

Economics beginners often find it difficult to understand what tightening and expansionary monetary policies are and why they have an impact. Generally speaking, contractionary monetary policy and expansionary monetary policy involve changing a country’s money supply level. Expansionary monetary policy is only a policy of expanding (increasing) money supply, while contractionary monetary policy reduces (reducing) a country’s money supply. In the United States, when the Federal Open Market Commission wants to increase the money supply, it can do a combination of three things: buying securities in the open market, known as open market operations, which directly affect interest rates. When the Federal Reserve buys securities in the open market, it causes the prices of these securities to rise. In my article on reducing dividend tax, we see that bond prices are inversely proportional to interest rates. The federal discount rate is an interest rate, so lowering it is essentially lowering interest rates. If the Fed decides to reduce the reserve requirement ratio, it will lead to an increase in the amount of money banks can invest. This leads to higher prices for investments such as bonds, so interest rates must fall. Whatever tools the Fed uses to expand the money supply, interest rates will fall and bond prices will rise. Rising US bond prices will have an impact on the foreign exchange market. Rising U.S. Treasury bond prices will prompt investors to sell these bonds in exchange for other bonds, such as Canadian bonds. Therefore, investors will sell his American bonds, exchange his dollars for Canadian dollars, and then buy Canadian bonds. This increases the supply of US dollars in the foreign exchange market, while the supply of Canadian dollars in the foreign exchange market decreases. As I pointed out in my Exchange Rate Guide, this makes the dollar less valuable than the Canadian dollar. Lower exchange rates make goods produced by the United States cheaper in Canada, while goods produced by Canada in the United States are more expensive, so exports will increase and imports will decrease, leading to an increase in trade balances. When interest rates are low, capital account financing costs are low. So everything else is equal, and lower interest rates lead to higher investment rates.

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