货币银行学(A卷)答案

PagePAGE1江西财经大学09－10学年第二学期期末考试参考答案与评分标准试卷代码：12423A授课课时：48课程名称：货币银行学适用对象：国际学院学生试卷命题人李静试卷审核人王耀德PartI.Thisparthas20MultipleChoiceQuestionsandeachoneisworth1points.Thetotalpointsforthispartare20points.Pleasechooseonlyoneanswerforeachquestion.MoneysupplymodelstendtofocusonthemonetarybaseratherthanonreservessinceFedactionshavenoeffectonreservesbuthaveapredictableeffectonthemonetarybase.Fedactionsingeneralhavelittleeffectonreservesbuthaveapredictableeffectonthemonetarybase.Fedactionshaveamorepredictableeffectonthemonetarybase.noneoftheabove.Answer:CQuestionStatus:PreviousEditionThepriceofafuturescontractattheexpirationdateofthecontractequalsthepriceoftheunderlyingasset.equalsthepriceofthecounterparty.equalsthehedgeposition.equalsthevalueofthehedgedasset.Answer:AQuestionStatus:StudyGuideIftheliquidityeffectislargerthantheothereffects,anincreaseinmoneygrowthwilllowerinterestrates.raiseinterestrates.causeinterestratestoriseinitiallybutthenfallbelowtheinitiallevel.causeinterestratestofallinitiallybutthenriseabovetheinitiallevel.Answer:AQuestionStatus:PreviousEditionDepositinsuranceattractsrisk-proneentrepreneurstothebankingindustry.encouragesbankmanagerstotakeongreaterrisksthantheyotherwisewould.reducestheincentivesofdepositorstomonitortheriskinessoftheirbanks’assetportfolios.doesalloftheabove.Answer:DQuestionStatus:PreviousEditionThe_____arethecostsassociatedwithdepositoutflows,the_____excessreservesbankswillwanttohold.lower;morehigher;lesshigher;moreNoneoftheabove,sincedepositoutflowscannotbeanticipated.Answer:CQuestionStatus:PreviousEditionTheformulalinkingthemoneysupplytothemonetarybaseisM＝m＋MB..M＝m×MB.m＝M×MB.MB＝M×m.Answer:BQuestionStatus:NewIfinterestratesareexpectedtofallinthefuture,thedemandforlong-termbondstoday_____andthedemandcurveshiftstothe_____.rises;rightrises;leftfalls;rightfalls;leftAnswer:AQuestionStatus:PreviousEditionMoneyisdefinedasbillsofexchange.anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebt.arisk-freerepositoryofspendingpower.theunrecognizedliabilityofgovernments.Answer:BQuestionStatus:PreviousEditionFederalreserveassetsincludegovernmentsecurities.bankreserves.currencyincirculation.alloftheabove.Answer:AQuestionStatus:New10)Usingtheone-periodvaluationmodel,assumingayear-enddividendof$0.50,anexpectedsalespriceof$50,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe$50.50.$50.00.$45.91.$45.00.Answer:CQuestionStatus:New11)Ifwealthdecreases,thedemandforcommonstocks_____andthatoflong-termbonds_____.increases;increasesincreases;decreasesdecreases;decreasesdecreases;increasesAnswer:CQuestionStatus:PreviousEditionTheFedusesthreepolicytoolstomanipulatethemoneysupply:openmarketoperations,whichaffectthe_____;changesindiscountlending,whichaffectthe_____byinfluencingthequantityofdiscountloans;andchangesinreserverequirements,whichaffectthe_____.moneymultiplier;monetarybase;monetarybasemonetarybase;moneymultiplier;monetarybasemonetarybase;monetarybase;moneymultipliermoneymultiplier;moneymultiplier;monetarybaseAnswer:CQuestionStatus:RevisedWhichofthefollowingstatementsaretrue?Abank’sassetsareitssourcesoffunds.Abank’sliabilitiesareitsusesoffunds.Abank’sbalancesheetshowsthattotalassetsequaltotalliabilitiesplusequitycapital.Eachoftheabove.Answer:CQuestionStatus:PreviousEditionTheobjectivesoftheFederalReserveinitsconductofmonetarypolicyincludeeconomicgrowth.pricestability.highemployment.alloftheabove.Answer:DQuestionStatus:PreviousEditionWhichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.Banksarethemostimportantsourceofexternalfundstofinancebusinesses.Answer:BQuestionStatus:PreviousEditionBecauseitisamediumofexchange,moneya）discouragesspecializationandthedivisionoflabor.b)reducestransactioncosts.isnotallowedtoearninterest.doesonly(b)and(c)oftheabove.Answer:BQuestionStatus:PreviousEditionWhichofthefollowinglong-termbondscurrentlyhasthelowestinterestrate?CorporateAaabondsU.S.TreasurybondsCorporateAabondsCorporateBaabondsAnswer:BQuestionStatus:PreviousEditionHoldingtheexpectedreturnonbondsconstant,anincreaseintheexpectedreturnoncommonstockswould_____thedemandforbonds,shiftingthedemandcurvetothe_____.decrease;leftdecrease;rightincrease;leftincrease;rightAnswer:AQuestionStatus:PreviousEditionIfasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?9percent10percent11percent12percentAnswer:BQuestionStatus:PreviousEditionDisadvantagesofusingreserverequirementstocontrolthemoneysupplyandinterestratesincludetheiroverly-powerfulimpactonthemoneysupply.creatingpotentiallendingproblemsforbankswithhighlevelsofexcessreserves.theiroverly-powerfulimpactonreservesandthemonetarybase.alloftheabove.Answer:AQuestionStatus:PreviousEditionPartⅡ.Thisparthas10TrueofFalseQuestionsandeachoneisworth1points.Thetotalpointsforthispartare10points.1Ifreserverequirementwereelimininated,itwouldbehardertocontrolinterestrates.Answer:False2Thebasicactivityofbanksistoacceptdepositsandmakeloans.Answer:True3Asamediumofexchangeiswhatdistinguishesmoneyfromotherassets.Answer:True4Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.Answer:True5Ifbondsofdifferentmaturitiesareclosesubstitutes,theirinterestratesaremorelikelytomovetogether.Answer:True6Anefficientmarketisoneinwhichnooneeverprofitsfromhavingbetterinformationthantherest.Answer:False7Theincomeeffectofanincreaseinthemoneysupplyisadecreaseininterestratesinresponsetothehigherlevelofincome.Answer:False8Stocksarenotthemostimportantsourceofexternalfinancialforbusinesses.Answer:True9Abankmaintainsbankcapitaltolessenthechancethatitwillbecomeinsolvent.Answer:True10Ifthedemandformoneydidnotfluctuate,theFedcouldpursuebothamoneysupplytargetandaninterest-ratetargetatthesametime.Answer:TruePartⅢ.Thisparthas4KeyTermsQuestionsandeachoneisworth2.5points.Thetotalpointsforthispartare10points.Pleaseexplainbrieflyforeachkeyterm.1DiscountwindowAnswer:TheFederalReservefacilityatwhichdiscountloansaremadetobanksiscallledthediscountwindow.(P.400)2MoneyMultiplierAnswer:Aratiothatrelatesthechangeinthemoneysupplytoagivenchangeinthemonetarybase.(p.374)3TermstructureofinterestratesAnswer:Abond’stermtomaturityaffectsitsinterestrate,andtherelationshipamonginterestratesonbondswithdifferenttermstomaturityiscalledthetermstructureofinterestrates.(p.120)4LiquidityAnswer:Therelativeeaseandspeedwithwhichanassetcanbeconvertedintoamediumofexchange.(p.86)PartⅣ.Thisparthas5EssayQuestionsandeachoneisworth12points.Thetotalpointsforthispartare60points.(Pleasewritedownyouranswersasclearlyaspossible.IfIcan’treadyourhand-writing,Ineverassumeyouranswersareright)Explainthecompleteformulaforthemoneysupply,andexplainhowchangesinrequiredreserves,excessreserves,thecurrencyratio,thenonborrowedbase,anddiscountborrowingaffectthemoneysupply.Answer:TheformulaisM＝1＋c×(MBn＋DL)r＋e＋cTheformulaindicatesthatthemoneysupplyistheproductofthemultipliertimesthebase.Increasesinanyofthemultipliercomponents,requiredreserves,r;excessreserves,e;orthecurrencyratio,c,reducethemultiplierandthemoneysupply.Increasesinthenonborrowedbaseanddiscountborrowingbothincreasethebaseandthemoneysupply.2Whyhasthedevelopmentofovernightloanmarketsmadeitmorelikelythatbankswillholdfewerexcessreserves?Answer:Becausewhenadepositoutflowoccurs,abankisabletoborrowreservesintheseovernightloanmarketsquickly;thus,itdoesnotneedtoacquirereservesatahighcostbycallinginorsellingoffloans.Thepresenceofovernightloanmarketsthusreducesthecostsassociatedwithdepositoutflows,sobankswillholdfewerexcessreserves.Assumethatnobanksholdexcessreserves,andthepublicholdsnocurrency.Ifabanksellsa$100securitytotheFed,show,usingT-accounts,whathappenstothisbankandtwoadditionalstepsinthedepositexpansionprocess,assuminga10%reserverequirement.Howmuchdodepositsandloansincreaseforthebankingsystemwhentheprocessiscompleted?Answer:Thebankfirstchangesasecurityforreserves,andthenlendsthereserves,creatingloans.Step1BankAAssetsLiabilitiesSecurities−$100Reserves+$100Step2BankAAssetsLiabilitiesReserves−$100Loans+$100Next,theproceedsaredepositedinBankB,andthenBankBlendsit$90ofexcessreserves.Step3BankBAssetsLiabilitiesReserves+$100Deposits+$100Step4BankBAssetsLiabilitiesReserves−$90Loans+$90Next,theloanproceedsaredepositedinBankC,whichthenlendsitsexcessreservesStep5BankCAssetsLiabilitiesReserves+$90Deposits+$90Step6BankCAssetsLiabilitiesReserves-81Loans+81Forthebankingsystem,bothloansanddepositsincreaseby$1000.DuringPresidentReagan’sadministration,hissupportersarguedthathigherrealinterestratesweretheresultofpoliciesincreasingtheprofitabilityofinvestment.Reagan’scriticsarguedthatthehighinterestratesweretheresultofhighbudgetdeficits.Demonstrategraphicallyandexplainhowincreasedprofitabilityofinvestmentsa