### 经济代写|宏观经济学作业代写Macroeconomics代考|Unconventional Monetary Policy

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|宏观经济学作业代写Macroeconomics代考|Unconventional Monetary Policy

As we mentioned earlier, a traditional mechanism of monetary policy is to reduce interest rates to stimulate economic activity by making it less expensive to borrow

money and leaving money in a savings account a less attractive option. However, when there is no further room for a reduction in rates, as in the United States following the Great Recession in 2008 , when interest rates fell to a range of 0 to $0.25$ percent, the US Federal Reserve pursued a program called quantitative easing (QE), which entailed the purchase of long-term financial assets such as government bonds and mortgage-backed securities to expand the money supply and thus lessen the severity of the recession.
The $\mathrm{QE}$ program had three stages, during the years 2008 (QE1), 2010 (QE2), and 2012 (QE3), and then began its retreat in 2014. Led by Fed chairman Ben Bernanke, $\mathrm{QE}$ was initially viewed with skepticism in some academic circles as an explosive increase in the monetary base could possibly accelerate inflation, although these concerns never materialized. The money injected was quickly absorbed by economic agents, who grew more risk-averse during the crisis, and thus increased their demand for cash.
As the effects of the crisis spread to the rest of the world, unconventional monetary policies such as those applied by the Fed were introduced by the central banks of other affected economies. Thus in 2011 the European Central Bank (ECB) began providing liquidity to commercial banks through a long-term refinancing program known as LTRO. This program consisted of a sort of auction of funds, where banks were refinancing themselves at lower interest rates, on the order of 1 percent, and had a second version in 2012, allocating more than $€ 3,000$ billion to about eight hundred commercial banks.

## 经济代写|宏观经济学作业代写Macroeconomics代考|Exchange Rate Systems

In an open economy, an additional variable needs to be considered: the exchange rate. The exchange rate measures the market value of the national currency in relation to a foreign currency. This variable has been a permanent topic of discussion, especially in recent years, when, with increasing globalization, the volume of international trade grew substantially and financial relations deepened.
Consider the exchange rate between US dollars and Chilean pesos. An exchange rate of 650 means that 650 Chilean pesos are needed to buy one dollar. If, for example, the exchange rate rises to 680 , then the peso has lost value in relation to the dollar and is said to have “depreciated,” since more pesos are required to buy the same amount of dollars.

In an open economy, the price levels of different countries are connected by the exchange rate. Suppose a laptop costs $\$ 1,000$dollars in the United States. If transportation costs and import tariffs are ignored, and if we consider that at the beginning of 2018 , approximately 20 Argentinian pesos were equivalent to a US dollar, the price of this machine in Argentina would be approximately 20,000 pesos. In general terms, if the goods produced in two countries are traded freely, their prices are related through the market exchange rate. This is known as the law of one price. Purchasing power parity (PPP), as was explained in the first chapter, extends the law of one price to a basket of goods and services and states that the price levels of the same basket of goods in two countries (or regions) are related through the exchange rate. While in a closed economy, increases in the money supply generate an increase in the price level, the result in an open economy depends on the exchange rate regime that the country has chosen. Today one can see a wide variety of exchange rate regimes, which in simple terms may be classified into fixed and flexible exchange rate systems. ## 经济代写|宏观经济学作业代写Macroeconomics代考|Fixed Exchange Rate System In a fixed exchange rate system, the central bank of a country commits to buying and selling foreign currency at a fixed price. In other words, the central bank commits to exchanging foreign currency for local currency at a cer tain exchange rate value. Let’s say, for instance, in the case of the Argentinian peso, if the exchange rate were fixed at 20 pesos per dollar, then every time a foreigner arrived in Argentina with$\$100$ in need of local currency, he or she would receive 2,000 pesos in return. A fixed exchange rate implies that the monetary authority must regulate whatever excesses of foreign currency may exist to keep

the value of the exchange rate at the level it committed to. This means that under fixed exchange rates, a country loses partial (or total) control of its money supply since any increase or decrease in the amount of money is governed by an increase or decrease in the international reserves kept by the central bank. By losing control of its money supply, the monetary authority is now unable to provide liquidity to the banking system, as we saw in the previous section.

An example of this system is the currency board, which Argentina had until the end of 2001 and Hong Kong has to this day. In such a scheme the local currency is pegged to a foreign currency (typically the US dollar or the euro) at a fixed rate. This type of system maintains absolute and unlimited convertibility (at a fixed value) between its notes and coins and the currency against which it is pegged and requires that the currency board’s foreign currency reserves be sufficient to ensure that all holders of its notes and coins can convert them. Currently, countries such as Hong Kong (pegged to the US dollar) and Estonia (pegged to the euro) use this kind of scheme.

Another, more radical option is to directly use the currency of another country. For example, El Salvador, Ecuador, and Panama “dollarized” by switching their official local currency to US dollars. This is a totally fixed exchange rate system because it fixes the value of local goods and services to the value of the US dollar.

## 广义线性模型代考

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。