货币银行学(B卷)答案Word格式.doc
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货币银行学(B卷)答案Word格式.doc
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high-poweredmoney
(c)themonetarybase;
(d)themonetarybase;
reserves
Answer:
D
QuestionStatus:
PreviousEdition
2Adisadvantageofaforwardcontractisthat
a)itmaybedifficulttolocateacounterparty.
b)theforwardmarketsuffersfromlackofliquidity.
c)thesecontractshavedefaultrisk.
d)alloftheabove.
New
3Thegoalsofbankassetmanagementinclude
a)maximizingrisk.
b)minimizingliquidity
c)lendingathighinterestratesregardlessofrisk.
d)purchasingsecuritieswithhighreturnsandlowrisk.
4Ifinterestratesareexpectedtoriseinthefuture,thedemandforlong-termbonds_____andthedemandcurveshiftstothe_____.
a)rises;
right
b)rises;
left
c)falls;
d)falls;
5TheFed’smostcommonlyusedmeansofchangingthemoneysupplyis
a)changingreserverequirements.
b)changingthediscountrate.
c)openmarketoperations.
d)changesininterestrateceilings.
C
Revised
6Iftheliquidityeffectissmallerthantheothereffects,andtheadjustmenttoexpectedinflationisimmediate,thenthe
a)interestratewillfall.
b)interestratewillrise.
c)interestratewillfallimmediatelybelowtheinitiallevelwhenthemoneysupplygrows.
d)interestratewillriseimmediatelyabovetheinitiallevelwhenthemoneysupplygrows.
7Asystemofdepositinsurance
a)attractsrisk-takingentrepreneursintothebankingindustry.
b)encouragesbankmanagerstoassumeincreasedrisk.
c)increasestheincentivesofdepositorstomonitortheriskinessoftheirbank’sassetportfolio.
d)doesonly(a)and(b)oftheabove.
StudyGuide
8Theformulaforthemoneymultiplierthatincludesexcessreservesandcurrencyis
a)m=(1+c)÷
(r+e+c).
b)M=1÷
(r+e+c).
c)M=(1+c)÷
(r+e+c).
d)D=1÷
(r+e+c).
A
9Thefourplayersinthemoneysupplyprocessinclude
(a)banks,depositors,borrowers,andtheU.S.Treasury.
(b)banks,depositors,thecentralbank,andtheU.S.Treasury.
(c)banks,depositors,thecentralbank,andborrowers.
(d)banks,borrowers,thecentralbank,andtheU.S.Treasury.
10Thegoalsofmonetarypolicyinclude
(a)outputstability.
(b)pricestability.
(c)stabilityofthefinancialmarkets.
(d)both(b)and(c)oftheabove
11Intheone-periodvaluationmodel,thecurrentstockpriceincreasesif
(a)theexpectedsalespriceincreases.
(b)theexpectedsalespricefalls.
(c)therequiredreturnincreases.
(d)dividendsarecut.
12IftheexpectedreturnonNBCstockrisesfrom5to10percentandtheexpectedreturnonCBSstockrisesfrom12to18percent,thentheexpectedreturnofholdingCBSstock_____relativetoNBCstockandthedemandforCBSstock_____.
rises
falls
13Whichofthefollowingstatementsistrue?
a)Abank’sassetsareitsusesoffunds.
b)Abank’sassetsareitssourcesoffunds.
c)Abank’sliabilitiesareitsusesoffunds.
d)Only(b)and(c)oftheabovearetrue.
14Wheneconomistssaythatmoneypromotesefficiency,theymeanthatmoney
a)increasestransactionscosts.
b)encouragesspecializationandthedivisionoflabor.
c)isinexpensivetoproduce.
d)doesboth(b)and(c)oftheabove.
B
15Whenthedefaultriskincorporatebondsincreases,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe_____andthedemandcurveforTreasurybondsshiftstothe_____.
a)right;
b)right;
c)left;
d)left;
16Whichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?
a)StocksarethemostimportantsourceoffinanceforAmericanbusinesses.
b)Issuingmarketablesecuritiesisnottheprimarywaybusinessesfinancetheiroperations.
c)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
d)Banksarethemostimportantsourceofexternalfundstofinancebusinesses.
17Whenpeoplebegintoexpectarunupinlargestockmarket,thedemandcurveforbondsshiftstothe_____andtheinterestrate_____.
18Withaninterestrateof6percent,thepresentvalueof$100nextyearisapproximately
a)$106.
b)$100.
c)$94.
d)$92.
19TheFedusesthreepolicytoolstomanipulatethemoneysupply:
_____,whichaffectreservesandthemonetarybase;
changesin_____,whichaffectreservesandthemonetarybasebyinfluencingthequantityofdiscountloans;
andchangesin_____,whichaffectthemoneymultiplier.
a)openmarketoperations;
discountlending;
marginrequirements
b)openmarketoperations;
reserverequirements
c)discountlending;
openmarketoperations;
d)discountlending;
20Thebondmarketsareimportantbecause
a)theyareeasilythemostwidelyfollowedfinancialmarketsintheUnitedStates.
b)theyarethemarketswhereforeignexchangeratesaredetermined.
c)theyarethemarketswhereinterestratesaredetermined.
d)ofeachoftheabove.
PartⅡ.Thisparthas10TrueofFalseQuestionsandeachoneisworth1points.Thetotalpointsforthispartare10points.
1Ifreserverequirementwereelimininated,itwouldbehardertocontrolinterestrates.
False
2Higherstockpricesmeansthatconsumers’wealthishigherandsotheywillbemorelikelytodecreasetheirspending.
3Theincomeeffectofanincreaseinthemoneysupplyisariseininterestratesinresponsetothehigherlevelofincome.
True
4Ifbondsofdifferentmaturitiesareclosesubstitutes,theirinterestratesaremorelikelytomovetogether.
5Thegoalforhighemploymentshouldseekanunemploymentlevelofzero.
6Thequantitydemandedofanassetisnegativelyrelatedtoitsliquidityrelativetoalternativeassets.
7Foreignexchangerates,likestockprices,shouldfollowarandomwalk.
8Giventhereturnonassets,thehigherthebankcapital,thelowerthereturnfortheownersofthebank.
9Issuingmarketabledebtandequitysecuritiesistheprimarywayinwhichbusinessesfinancetheiroperations.
10Thepriceofacouponbondandtheyieldtomaturityarenegativelyrelated.
PartⅢ.Thisparthas4KeyTermsQuestionsandeachoneisworth2.5points.Thetotalpointsforthispartare10points.Pleaseexplainbrieflyforeachkeyterm.
1Fishereffect
P.100
2Riskpremium
Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearninordertobewillingtoholdthatriskybond.P.121
3Defensiveopenmarketoperations
P.398
4Nonborrowedmonetorybase
P.381
PartⅣ.Thisparthas5EssayQuestionsandeachoneisworth12points.Thetotalpointsforthispartare60points.(Pleasewritedownyouranswersasclearlyaspossible.IfIcan’treadyourhand-writing,Ineverassumeyouranswersareright)
1Whatfactorsdetermineabanksholdingsofexcessreserves?
Howdoesachangeineachfactoraffectexcessreserves,themoneymultiplier,andthemoneysupply?
Anincreaseinmarketinterestratesreducesexcessreservesbecausebanksprofitfromincreaselending.Anincreaseinexpecteddepositoutflowsincreasesexcessreserves.Anincreaseininterestratesreducesexcessreserves,increasingthemultiplierandthemoneysupply.Anincreaseinexpectedoutflowsincreasesexcessreserves,reducingthemultiplierandthemoneysupply.
2ExplainthreewaysbywhichtheFederalReserveSystemcanincreasethemonetarybase.WhyistheeffectofFederalReserveactionsonbankreserveslessexactthantheeffectonthemonet
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