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看看这个CFA一级题
meihao2008
2106 9
2010-11-24
This is a problem on page 164 of SchweserNotes book2 Economics.

Problem 11. If money supply and demand are in equilibrium and the central bank sells securities in the open market:
A. bank reserves will increase;
B. short-term interest rates will derease;
C. firms and households will sell securities for cash.

Could anyone explain why the correct answer is the correct answer? Think about this problem by yourself then I will give you my reasoning in the next post.
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meihao2008
2010-11-24 10:06:44
The correct answer in the book is C.

I know A, B are wrong. But why C is correct? We are talking about aggregation, so if the central bank sells securities, and firms and household sells securities, who buys the securities then?
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serkise
2010-11-24 13:14:46
meihao2008 发表于 2010-11-24 10:04
This is a problem on page 164 of SchweserNotes book2 Economics.

Problem 11. If money supply and demand are in equilibrium and the central bank sells securities in the open market:
A. bank reserves will increase;
B. short-term interest rates will derease;
C. firms and households will sell securities for cash.

Could anyone explain why the correct answer is the correct answer? Think about this problem by yourself then I will give you my reasoning in the next post.
I think C is correct,Becouse central banks sells securities ,means tighten policy in short term,makes money supply curve left shift,push the short -term interest rate upward,the market investor (like firms and households) can expect a decline in securities' price,so they choose to hold cash rather than securities
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jxii460
2010-11-24 15:09:15
I think the explanation provided by upfloor is very reasonable.
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jxii460
2010-11-24 15:11:19
But if short-term interest rate increases, it means more people choose to deposit money in bank. Why A is not correct?
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coshair
2010-11-24 15:14:35
C is correct.
央行收回了大量的钱，市场上没钱了，公司当然要靠买证券来获得钱
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