Chapter 15ANSWERS TO QUESTIONS1.The snowstorm would cause float to increase, which would increase the monetary base. To counteractthis effect, the manager will undertake a defensive open market sale of securities using a reverse repo transaction.这场暴风雪将使浮款上升，这将增加货币基础。
为了抵消这种影响，经理将采用逆回购交易进行防御性公开市场销售。
2.When the public’s holding of currency increases during holiday periods, the currency–checkabledeposits ratio increases and the money supply falls. To counteract this decline in the money supply, the Fed will conduct a defensive open market purchase of securities.在节假日期间，当公众持有货币升值时，现金/存款比率增加，货币供应量下降。
为了抵消货币供应的下降，美联储将采取防御性的公开市场购买证券。
3.As we saw in Chapter 14, when the Treasury’s deposits at the Fed fall, the monetary base increases. Tocounteract this increase, the manager would undertake an open market sale of securities.正如我们在第14章所看到的，当财政部的存款下降时，货币基础会增加。
为了抵消这种增长，经理将采取公开市场出售证券。
4.Because the decrease in float is only temporary, the monetary base is expected to decline onlytemporarily. A repurchase agreement only temporarily injects reserves into the banking system, so it is a sensible way of counteracting the temporary decline in the monetary base due to the decline in float.因为浮动的减少只是暂时的，货币基础只会暂时下降。
回购协议只是暂时将储备注入银行体系，因此，由于浮款的下降，这是抵消货币基础暂时下降的一种明智的方式。
5.False. The Fed also can affect the level of borrowed reserves by directly limiting the amount of loans toan individual bank or the broader financial system.美联储还可以通过直接将贷款额度限制在单个银行或更广泛的金融体系，从而影响借入准备金的水平。
6.Uncertain. In theory, the market for reserves model indicates that once the fed funds rate reaches thediscount rate, it would never surpass the discount rate since banks would then borrow directly from the Fed, and not in the fed funds market, which would prevent the fed funds rate from ever rising above the discount rate. However, in practice, the fed funds rate can (and has) been above the discount rate. This may occur due to the stigma associated with banks borrowing directly from the Fed; i.e., banks may prefer to pay a higher market rate than to borrow directly from the Fed and incur the perceived stigma. In addition, nonbank financial institutions, which do not have access to the discount window, can and do participate in the federal funds market. The extent to which nonbank financial companies participate in the fed funds market may mean that the gap when the fed funds rate is above the discount rate may not be arbitraged away.不确定。
理论上,市场准备金模型表明，一旦联邦基金利率达到贴现率，它永远不会超越贴现率由于银行会直接向美联储借钱，而不是在联邦基金市场，这将阻止联邦基金利率上升高于贴现率。
然而，实际上，联邦基金利率可以(也有)高于贴现率。
这可能是由于银行直接从美联储借款会留下污点；即银行可能倾向于支付更高的市场利率，而不是直接从美联储借款而留下污点。
此外，那些没有贴现窗口渠道的非银行金融机构也可以并确实参与联邦基金市场。
非银行金融公司参与美联储基金市场的程度可能意味着，当联邦基金利率高于贴现率的时候，这一差距可能不会被套利。
7.Uncertain. In theory, the market for reserves model indicates that once the fed funds rate reaches theinterest rate on reserves, it would never go below this rate since banks could then earn a risk-free interest rate paid directly from the Fed, rather than loaning excess reserves in the more risky fed funds market at an equivalent or lower rate; this should prevent the fed funds rate from ever falling below the interest rate paid on reserves. However, in practice, the fed funds rate can (and has) been below the interest rate paid on reserves. This is because nonbank financial institutions, which cannot earn interest on reserves, participate in the federal funds market and provide a significant amount of funding to the market. Theextent to which nonbank financial companies participate in the fed funds market may mean that the gap when the fed funds rate is below the interest rate on reserves may not be arbitraged away.不确定。
理论上，市场准备金模型表明，一旦联邦基金利率达到准备金利率，它永远不会低于这个利率，由于银行可以直接从美联储获得无风险利率，而不是出借超额准备金在风险更高的联邦基金市场获取同等或更低的利率；这将防止联邦基金利率从低于准备金率的水平下降。
然而，在实践中，联邦基金利率可以(也有)低于准备金支付的利率。
这是因为那些无法获得准备金利息的非银行金融机构参与联邦基金市场，并向市场提供大量资金。
非银行金融公司参与美联储基金市场的程度可能意味着，当联邦基金利率低于准备金利率时，这一差距可能不会被套利。
8.During crises, the Fed may need to provide a large amount of liquidity to the banking and financialsystem, which would reduce the fed funds rate. If the Fed needs to sterilize these effects, it would need to conduct open market sales of securities to maintain a given fed funds rate target. If the liquidityprovision is large, then offsetting the liquidity could eventually result in the Fed running out of securities to sell. In this case, the interest rate on reserves can be raised to push the fed funds rate up, without having to conduct offsetting open market sales that decrease the holdings of government securities by the Fed.在危机期间，美联储可能需要向银行和金融体系提供大量流动性，从而降低联邦基金利率。