The country that first introduced inflation trageting was:, Canada, United Kingdom, New Zealand , Poland , The author of the concept of debt deflation is:, M. Friedman, J.M. Keynes, I. Fisher , None of the above, The National Bank of Poland (NBP) cannot:, Purchase Treasury bonds on the secondary market , Grant loans to commercial banks, Conduct swap transactions, None of the above, Which statement is true, Open market operations conducted by the NBP are liquidity-absorbing, The NBP has never purchased Treasury bonds on the secondary market, Early redemption of bonds by the central bank is an example of a liquidityproviding operation, None of the above, Which statement is true., The money supply control strategy has been used in Poland since 2004, The transmission lag of monetary policy to the real economy in Poland is 2 months, The NBP cannot support government economic policy at all, None of the above, According to the classification adopted by the NBP, the following types of open market operations are distinguished, Basic, fine-tuning, strategic, Issuance, purchase, and fine-tuning, Basic, fine-tuning, structural, None of the above, The NBP has been using the Interest Rate Corridor (IRC) since:, 1989 (Balcerowicz Plan), 2004 (EU accession), 2008 (Global Financial Crisis), None of the above, The yield of 7-day NBP bills equals:, NBP reference rate, NBP deposit rate, POLONIA rate, None of the above, A situation in which, despite a decrease in interest rates, monetary policy becomes ineffective is called:, Credit crunch, Crowding-out effect, Liquidity trap , None of the above, Debt deflation means, A real increase in the value of debt, A nominal increase in the value of debt, A real decrease in the value of debt, None of the above, The current inflation target of the NBP is:, 2% = 1.p.p., 2,5% = 1p.p., 3.5 % = 1p.p., None of the above, An administrative instrument currently used by the NBP is , Bond issuance, Required reserves, Credit limits, None of the above, According to the quantity theory of money, the product of the price level and real GDP equals the product of:, Velocity of money and interest rates, Money supply and innterest rates, Velocity of money and money supply , None of the above , In the liquidity trap situation in the IS-LM model, the effect of expansionary monetary policy will be, A decrease in output, An increase in output, An increase in the interest rate, None of the above, By using repo operations during the Global Financial Crisis, the NBP aimed to: a) Reduce inflation, Reduce inflation, Provide liquidity to the financial sector, Reduce the money supply, Increase the cost of money, In Poland, the level of interst rates is decided by:, The President of the NBP, The Monetary Policy Council, The Management Board of the NBP, None of the above, The first central bank to incorporate the principles of green central banking into its policy was:, ECB, Bank of England , NBP, None of the above, The NBP may, Purchase government bonds on the primary market, Accept zloty deposits from the public, Directly finance the budget deficit, None of the above, A characteristic feature of the direct inflations targeting strategy is:, Lack of intermediate targets, Setting a numerical target for the exchange rate, Setting a numerical target for money supply, Lack of communication with the public, In the lender of last resort concept, the central bank should charge “penalty" interest rates for providing liquidity. This is meant to protect against the risk of: , Liquidity trap, Zombie banks, Moral hazard, None of the above, In the lender of last resort concept, it is assumed that central bank can fully control the money supply if it:, Manages foreign exchange reserves, Has a monopoly on money issuance, Sets interest rates, None of the above, A characteristic feature of the inflation targeting strategy is:, Subordination of the price stability objective to other goals, Dual mandate of the central bank, Pegging the domestic currency to gold , None of the above, Quasi-management of public debt by the central bank consists of:, Lowering interest rates , Purchasing government bonds , Purchasing corporate bonds , None of the above, Expansionary balance sheet policy of a central bank aims to:, Lower short-term interest rates , Lower asset prices, Lower long-term interest rates, Lower long-term inflation expectations , The concept of debt deflation was proposed by , I. Fisher, M. Friedman, J. Keynes, F. Mishkin , The central banks which successed in condacting monetary policy according to targeting money supply framework were:, National Bank of Poland and Sveriges Riksbank, Swiss National Bank and Bundesbank , Federal Reserve System of USA and Reserve Bank of New Zealand, Bank of Canada and Bank of England , A liquidity trap occurs when, Inflation exceeds the central bank's target , monetary policy becomes ineffective,, market participants anticipate further declines in interest rates,, none of the above., According to Friedman, which type of lag is considered the uncanniest?, Recognition lag, Decision lag, Implementation lag , Response lag , Greenspan's conundrum was associated with the difficulty of central banks to influence , short-term interest rate, banking sector liquidity, fx market, none of the above, According to IS-LM model, the liquidity trap:, inflation exceeds the central bank's target , monetary policy becomes ineffective , market participants anticipate further declines in interest rates, none of the above, Which variable does not appear in Taylor rule (reaction function)?, nominal GDP growth, actual unemployment rate, natural unemployment rate, none of the above, The central bank should charge a penalty interest rate for loans granted as a lender of last resort, to mitigate the problems associated with, asset bubbles, moral hazard , adverse selection, debt deflation, Which of the following statements best reflects the key characteristics of a lender of last resort according to Walter Bagehot, The central bank should provide unlimited funds to any bank facing insolvency without restrictions, The central bank should lend freely, at a high rate of interst, against good collateral, to solvent institutions , The lender of last resort should only support banks based on political considerations and national interest. , The function of the lender of last resort is to directly recapitalize insolvent financial institutions with public funds.

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