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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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关键词：CFA一级 CFA SCHWESERNOTE equilibrium Securities CFA

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?

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

I think the explanation provided by upfloor is very reasonable.

But if short-term interest rate increases, it means more people choose to deposit money in bank. Why A is not correct?

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

5# jxii460
bank reserve是指商业银行准备金，是商业银行存在中央银行的钱

前提是货币供需平衡。央行回笼货币的话，企业和个人持币最经济。
1，央行紧缩，股市可能下跌，所以抛售变现。
2，本来货币供需平衡，央行回笼，导致货币需求增加，此时供应货币有利可图，因此个人或公司变现供应货币。

Thank you all for answering. It makes more sense to me now.

收紧银根啦。。当然是涨利率和提高准备金