| 单词 | monetary policy |
| 释义 | monetary policy monetary policy The procedures by which governments or central banks try to affect macroeconomic conditions by influencing the supply of money. Apart from simply printing more money, which is now rarely used in practice (but seequantitative easing), there are four main options: • using open-market operations (i.e., the sale or purchase of government debt) to expand or contract the money supply; • raising or lowering reserve requirements (i.e. the percentage of their assets that banks must hold in cash) to affect liquidity; • controlling the amount of money supplied to the banking system through short-term funds; • changing the interest rate as a means of indirectly influencing the money supply. The traditional Keynesian view has been that monetary policy is at best a blunt instrument, while monetarism holds the opposite view. In practice, most Western governments have come to accept the case for ‘tight’ monetary policies as a means of restraining inflation, except where there is a serious risk of deflation. This has led many governments to cede control of monetary policy to an independent central bank. See alsoinflation targeting. Comparefiscal policy. |
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