A国政府每年造成5亿比索财政赤字。为了替它融资。政府将国库券卖给中央银行。汇率固定在每美元20比

索上。假定国际价格水平固定不变。中央银行有大量的外汇储备。 a．计算中央银行外汇储备每年的变动量。你认为这个过程会随着时间的推移平稳进行吗？为什么？ b．阐述在中央银行外汇储备耗竭以前和以后。价格水平、汇率、名义和实际货币余额的变动情况。 The government of country A is running a budget deficit of 500 million pesos per year．To finance it，the government sells treasury bills to the central bank．The exchange rate is fixed at 20 pe sos per dollar．Assume that the international price level is fixed and that the central bank has a largeamount of foreign reserves． a．Calculate the yearly change in the foreign reserves of the central bank．Would you expect thisprocess to be smooth over time？Why？ b．Describe the evolution of the price level，the exchange rate，and nominal and real monetary balances before and after the exhaustion of the foreign reserves of the central bank．