In a general equilibrium monetary growth model,we have discussed the short-run effects and long-run effects of the central bank s note issuing and US dollar-debt issuing under the existence of much offset position for foreign-currency purchase.

On the basis of the entropy pricing theory,we formulate the entropy model of American bond option with the Geske-Johnson′s method of analytical approximation of American option,and give the option pricing analytical approximate formula of the underlying of the zero-coupon bonds and the coupon bonds.