## 经济代写|宏观经济学代写Macroeconomics代考|ECOS3007

2022年7月4日

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• Statistical Computing 统计计算
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• Longitudinal Data Analysis 纵向数据分析
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## 经济代写|宏观经济学代写Macroeconomics代考|Quantitative easing by the Fed

With the knowledge that the central bank will feed reserves into the system as required to meet demand, how can it ensure that the banking system as a whole does not continue lending beyond a point that is healthy for the economy? Is there a point at which the Fed would simply stop supplying reserves in the United States? From a practical standpoint, the answer is no. The Fed is motivated to supply reserves as needed in order keep the Fed funds rate at target. After all, the Fed’s end goal is to maintain healthy inflation and employment levels.

That leads us to consider ‘quantitative easing’ or ‘ $\mathrm{EE}$ ‘, as it is often called. With the 2008-2009 recession still fresh in our minds and news reports, most of us are quite familiar with the term, which sounds very sophisticated and powerful. But, beyond a basic understanding that it has something to do with trying to help a sluggish economy, most people do not really understand what it means. Very simply, it is open market operations on a grand scale. Before such measures are undertaken, the Fed would have, through normal open market operations, targeted the Fed funds rate as low as it could feasibly go. If that has not sufficiently bolstered consumer confidence to encourage spending, $\mathrm{QE}$ could be initiated in an attempt to give the economy a nudge.

In order to provide liquidity for the banking system, the Fed initiates the purchase of Treasury securities in exchange for reserves. The mechanics are basically the same as the routine open market operations carried on by the central bank, with the distinction that, in $\mathrm{QE}$, the securities being purchased may include longer-term treasuries, as well as mortgage-backed securities, municipals or other financial debt instruments and the amount of bonds being purchased is pre-determined with a specific time period for execution of the plan. In addition, QE involved buying assets from non-bank financial companies such as pension funds and insurance funds, which typical open market operations do not do. Basically, QE is an asset swap in which the Fed provides liquid reserves to banks in exchange for less-liquid securities. So, the Fed is pumping up bank reserves.

## 经济代写|宏观经济学代写Macroeconomics代考|More about interest on reserves

In good economic times, the interest paid on reserves is just part of the Fed’s toolkit. In times of crisis, it provides the Fed with the ability to pour reserves into the system while still being able to maintain a floor on its target rate. During the 2008-2009 recession, the Fed, with its Quantitative Easing programs, made monumental attempts at stimulus. Yet, due to pervasive lack of economic confidence, loan demand did not materialize. Banks were in a holding pattern. With few new profitable loans being issued and their Treasury securities now sitting at the Fed, profit margins were being squeezed. So, the implementation of payment of interest on excess reserves, while intended to be an addition to the Fed’s toolkit, served a secondary purpose of replacing some of the income banks had formerly received from their Treasury securities.

Whenever the Fed begins to taper QE actions, talk of unwinding its bond purchases invariably occurs. Some believe that it will lead to economic instability or inflation. Since we understand that, because loan creation and the money supply is not affected by the size of the banking system’s reserve pool, we also understand that tapering QE will not lead to inflation. However, the markets may react to perceived changes in Fed policy and that may lead to instability. Therefore, the Fed must use caution and employ various tools to control the Fed funds rate as it alters its program. The interest paid on excess reserves allows the Fed to control the rate more accurately and quickly. Effectively serving as the lower boundary, the interest rate paid on reserves serves makes it easier to fine tune the rate, providing the ability to make adjustments without changing the levels of reserves.

## 有限元方法代写

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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。