金融学 双语版 课后题答案 莫琳伯顿

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Introduction and Overview

1. Provide a short discussion or definition of the following terms: economics, finance, the financial system, net lenders, net borrowers, direct and indirect finance, financial markets, financial intermediaries, liquidity, the business cycle, depository institutions, and monetary policy.

Economics: The study of how a society decides what to produce, how to produce, and who gets what; the study of how scarce resources get allocated to satisfy unl imited wants.

Finance: The study of how the financial system coordinates and channels the flow of funds from lenders to borrowers—and vice versa— and how new funds are created by depository institutions during the borrowing process; the raising and using of money by households, firms, governments, and the “rest of the world” (foreign) sectors.

Net lenders: Spending units such as households and firms whose spending on consumption and investment is less than income.

Net borrowers: Spending units such as households and firms whose spending on consumption and investment is more than income.

Direct finance: When net lenders lend their surplus funds directly to net borrowers.

Indirect finance: When net lenders deposit their surplus funds into financial intermediaries which in turn, lend the funds to net borrowers; when net borrowers borrow funds from financial intermediaries that have acquired funds to lend from net lenders and that issue their own liabilities.

Financial intermediaries: Financial institutions that borrow from net lenders for the purpose of lending to net borrowers; financial intermediaries such as banks, savings and loan associations, credit unions, mutual funds, insurance companies, and finance companies issue monetary and other claims on themselves; they serve as go-betweens to link up net lenders and net borrowers.

Liquidity: The ease with which a financial or real asset can be converted to cash without loss of value.

Business cycle: Short-run fluctuations in the level of economic activity as measured by the output of goods and services in the economy.

Depository institutions: Financial intermediaries that offer checkable deposits which are subject to withdrawal by writing a check to a third party and which are part of the nation’s mone y supply.

Monetary policy: The Fed’s effort to promote the overall health and stability of the economy.

2. Some people have money; some people need money. Explain how the financial system links these people together.

Net lenders deposit surplus funds into financial intermediaries that in turn lend the funds to net borrowers. Net lenders gain interest payments from the financial intermediaries for the use of their funds. Net borrowers make interest payments to the financial intermediaries for the use of the borrowed funds. The profit to financial intermediaries is the difference between the cost of their liabilities and the earnings on their loans and investments.

5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?

Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transactions costs associated with borrowing and lending. Financial services provided by financial intermediaries include appraising and diversifying risk, offering a menu of financial claims that are relatively safe and liquid, and pooling funds from individual net lenders. Not all financial institutions are financial intermediaries. Financial intermediaries are a type of financial institution that issue claims on themselves. Other financial institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.

8. Why does the Fed monitor the economy? What actions can the Fed take to affect the overall health of the economy?

The Fed monitors the economy in order to promote the overall health and stability of the economy. The Fed can influence the economy through monetary policy. The Fed implements monetary policy to affect the level of interest rates and credit availability. When interest rates decrease and credit availability increases, the level of economic activity speeds up. When interest rates increase and credit availability decreases, the level of economic activity slows down.

CHAPTER 2

Principles of Money

1. Discuss or define briefly the following terms and concepts: means of payment, store of value, unit of account, barter, monetary aggregates, liquidity, domestic nonfinancial debt, electronic funds transfer system, and risk.

Means of payment:Something that is generally accepted and used to make payments. Store of value: Something that retains its value over time.

Unit of account: A standardized accounting unit, such as the dollar, which is the standard measure of value.

Barter: Trading goods for goods in an exchange economy.

Monetary Aggregates: The measures of money, including MI, M2, M3, and L, which the Fed keeps track of and monitors.

Liquidity: The ease with which a non-monetary asset can be converted to money without loss of value.

Domestic Nonfinancial Debt:Total credit market debt owed by the nonfinancial sector and accumulated in the past and present years; includes the debt owed by the household, nonfinancial business, government, and rest of the world (foreign) sectors.

EFTS (Electronic Funds Transfer System):The transfer of funds to third parties in response to electronic instructions rather than instructions written on paper checks. Risk: The possibility of financial assets losing value.

2. What are the functions of money? Which function do you think is most important?

The functions of money are to serve as a means of payment (medium of exchange), a unit of account, and a store of value.

The most important function of money is to serve as a means of payment (medium of exchange). Thus, it is critical that money is generally accepted to make payments. Without a generally accepted means of payment, exchange is very costly. For an exchange to take place, there would have to be a double coincidence of wants where the person you wished to buy from wanted what you were offering in exchange.

5. How does the Fed calculate M1, M2, M3, and DNFD? Are these aggregates all money? Why or why not? Which contains the most liquid assets? Which is smallest? Which is largest?

To calculate M1, M2, M3, and DNFD, we merely add up the items included in the aggregate as follows:

M1 = currency in the hands of the public + demand deposits at commercial banks + other checkable deposits + travelers’ checks

M2 = M1 + small savings and time deposits (less than $100,000), including money market deposit accounts + individual money market mutual funds

M3 = M2 + large time deposits + term repurchase agreements and term Eurodollars + institutional money market mutual funds

DNFD= credit market debt of the U.S. Government and state and local governments + corporate bonds + mortgages + consumer credit (including bank loans) + other bank loans + commercial paper + other debt instruments

All of these aggregates except DNFD are a measure of money. M1 is the narrowest measure of money and the smallest aggregate. M1 is generally used for transactions and contains the most liquid assets—assets that are money per se. M2 and M3 are progressively broader measures of money that include M1 and other near money assets. For example, M2 contains everything in M1 plus some other highly liquid near monies. M3 contains everything in M2 plus other less liquid near money substitutes. DNFD is the largest aggregate but many of the items in DNFD are not money or near monies. DNFD is the broadest measure of nonfinancial credit in the domestic economy.

10. Zoto is a remote island that has experienced rapid economic growth. In contrast, Zaha is an island where growth has been sluggish and the level of economic activity remains low. How could the existence of money have affected these two outcomes?

Since money facilitates economic development, one would suspect that Zoto has a sophisticated and advanced “money,” whi le Zaha relies mainly on barter. The existence of money could explain the differing growth rates.

CHAPTER 3

The Role of Money and Credit

2. Briefly define the interest rate, reserves, the required reserve ratio, the inflation rate, and nominal GDP.

Interest Rate:The cost to borrowers of obtaining money and the return (or yield) of money to lenders.

Reserves: Assets that are held by depository institutions as either vault cash or reserve deposit accounts with the Fed.

Required Reserve Ratio:Depository institutions must have reserve assets equal to a certain percentage of deposit liabilities; the required reserve ratio is that percentage. The Inflation Rate: The rate of change of a price index, such as the consumer price index.

Nominal GDP: The quantity of final goods and services produced in an economy during a given time period and valued at today’s prices.

8. What are the sources of credit? Explain the following statement: “The money supply is measured at a point in time while the flow of credit i s measured over time.”

Credit comes from depository institutions, other financial intermediaries, and other financial and nonfinancial institutions. The money supply is a stock, while credit is a flow. Flows over time lead to changes in stocks measured at different points in time. Likewise, changes in stocks measured at different points in time result from flows over time.

11.Explain the difference between money and credit. Give an example of each.

Money is anything that functions as a means of payment, uni t of account, and store of value. Credit is the flow of money in a given time period from net lenders or financial intermediaries to net borrowers. Currency is money whereas a loan is credit.

CHAPTER 4

Financial Markets, Instruments, and Market Makers

1. Distinguish between primary and secondary markets and between money and capital markets.

Primary markets are markets where new securities, issued to finance current deficits, are bought and sold.

Secondary markets are markets where outstanding (previously issued) securities are bought and sold.

The money market is the market where securities with original maturities of one year or less are traded.

The capital market is the market where securities with original maturities of more than one year are traded.

3. What is the difference between financial futures and financial forward markets? What are derivative markets? What are the ways derivatives can be used?

In both financial futures and financial forward markets, transactions are consummated today for the purchase or sale of financial instruments on a date in future.

Financial futures markets trade financial futures agreements that are standardized with regard to the financial instrument, quantities, and delivery dates. Financial futures agreements exist for U.S. government securities of several maturities, several stock market indexes, and foreign currencies.

Financial forward markets trade financial forward agreements that are usually arranged by banks or other brokers and dealers and that are not standardized with regard to quantities or delivery dates.

Financial futures and forward markets are, among others, derivative markets because financial futures and forward agreements “derive” their value from some underlying financial instrument. Derivative markets can be used to hedge or to speculate.

8. Define commercial paper, negotiable certificates of deposit, repurchase agreements, bankers’ acceptances, federal funds, and Eurodollars. In what ways are they similar, and in what ways are they different?

Commercial paper:Short-term debt instruments issued by domestic and foreign corporations.

Negotiable certificates of deposit (CDs): Short-term debt instruments with typical maturities of 1 to 12 months that are sold by depository institutions and that ma ke interest payments and repay the principal at maturity; certificates of deposit have a minimum denomination of $100,000 and can be traded in secondary markets. Repurchase agreements: Short-term agreements where the seller sells a government security to a buyer with the simultaneous agreement to buy the government security back on a later date at a higher price; the difference between what the seller sells the government security for and what the seller buys it back for is in effect interest. Bankers’ a cceptances: Money market instruments created in the course of international trade to guarantee bank drafts due on a future date.

Federal funds: Loans of reserves between depository institutions, typically overnight.

Eurodollars:Originally considered to be deposits denominated in dollars in a foreign bank. Today, the term Eurodollar has come to mean any deposit in a foreign (host) country where the deposit is denominated in the currency of the country from which it came rather than that of the host country.

The terms defined in this question are all money market instruments with original maturities of less than one year. They differ with regard to who issues the claim, whether it is a bank, a corporation, or government. They differ with regard to who the usual participants are in the market. For example, depository institutions are the borrowers and lenders in the fed funds market.

10. Define and contrast stocks and bonds. What are the advantages of owning preferred stock? What are the advantages of owning common stock?

Stocks are equity claims that represent ownership of the net income and assets of a corporation. The income that stockholders receive for their ownership is called dividends. Corporate bonds are long-term debt instruments issued by corporations, usually (although not always) with excellent credit ratings. The owners of such bonds receive interest payments twice a year and the principal at maturity. Bondholders are paid interest before stockholders are paid any dividends. Government bonds are issued by the federal government and are considered risk-free. The proceeds of the bonds are used to finance the deficits of the federal government.

Preferred stock pays a fixed dividend and, in the event of bankruptcy, the owners of preferred stock are entitled to be paid first after other creditors of the corporation have been paid.

Common stock pays a variable dividend, which is dependent on the profits that are left over after preferred stockholders have been paid and retained earnings set asi de. Owning common stock may result in higher profit rates when the company is growing and electing to pay high dividends.

14. What are the fed funds rate, the Treasury bill rate, the discount rate, and the LIBOR?

Fed funds rate:The interest rate charged on overnight loans of reserves from one depository institution to another. The rate is determined by the forces of supply and demand.

Treasury bill rate: The interest rate on Treasury bills that is determined by the forces of supply and demand; an indicator of general levels of short-term interest rates. Discount rate:The interest rate charged by Federal Reserve Banks on discount loans to depository institutions that need to borrow reserves from the Fed. The rate is set by the Fed.

LIBOR rate:The interbank rate for dollar-denominated deposits in the London market among international banks. The rate serves as a basis for quoting other international rates.

CHAPTER 5

Interest Rates and Bond Prices

1. Define the concepts of compounding and discounting. Use future values and present values to explain how these concepts are related.

Compounding is a method used to find out the future value of a present sum--that is, what is the future value of money lent (or borrowed) today.

Unlike compounding, which is forward looking, discounting is in effect backward looking. Discounting is the method used to figure out what the present value of money is to be received (or paid) in the future.

3. Under what conditions will a bond sell at a premium above par? At a disco unt from par?

If the interest rate increases, a bond will sell at a discount from par. If the interest rate increases, the present value of the future stream of income from the bond falls and therefore its price falls.

If the interest rate decreases, a bond will sell at a premium above par. If the interest rate decreases, the present value of the future stream of income from the bond rises and therefore its price rises.

2.In general, discuss the movement of interest rates, the money supply, and

prices over the business cycle.

In expansions, GDP increases causing interest rates generally to rise because of increased demand, and inflation to pick up speed. Likewise, to prevent overheating of the economy, the Fed is generally reducing the money supply and f urther increasing interest rates.

In recessions, GDP is falling, the interest rate is falling due to reduced demand and expansionary Fed policy may be causing the money supply to increase and interest rates to further fall. At the same time, upward price pressures are reduced.

Thus, but not always, interest rates and inflation fluctuate pro-cyclically.

7. In general, discuss the movement of interest rates, the money supply, and prices over the business cycle.

In expansions, GDP increases causing interest rates generally to rise because of increased demand, and inflation to pick up speed. Likewise, to prevent overheating of the economy, the Fed is generally reducing the money supply and further increasing interest rates.

In recessions, GDP is falling, the interest rate is falling due to reduced demand and expansionary Fed policy may be causing the money supply to increase and interest rates to further fall. At the same time, upward price pressures are reduced.

Thus, but not always, interest rates and inflation fluctuate pro-cyclically. CHAPTER 6

The Structure of Interest Rates

3. According to the expectations theory, how is the long-term interest rate determined? Why is the geometric average used instead of the simpler arithmetic average?

According to the expectations theory, the long-term interest rate is the geometric average of the current short-term rate and the expected future short-term rate expected to prevail over the term to maturity of the longer-term security. The geometric average is used instead of the simpler arithmetic average in order to take account of the effects of compounding.

5. What determines expectations? Are expectations about future prices independent of expectations about future money supply growth rates? Why or why not?

Interest rate expectations are determined by expectations about the money supply, national income or gross domestic product, and inflation. Expectations about future prices are not independent of expectations about future money supply growth rate because the larger the supply of money, the more prices will be expected to rise.

8. Define preferred habitats. Explain how this modification affects the expectations theory. What could cause market segmentation based on preferred habitats to break down? How is the market segmentation hypothesis different from the expectations theory?

"Preferred habitats" is the name given to the theory that borrowers and lenders have preferred maturities in which they wish to borrow and lend. While the expectation theory suggests that lenders and borrowers have no preference between long- and

short-term securities, preferred habitats suggests differently.

Market segmentation based on preferred habitats could break down due to changes in liquidity premiums or if rate spreads widen enough to entice borrowers and lenders to leave their traditional borrowing and lending markets.

CHAPTER 7

How Exchange Rates are Determined

1. Define exchange rate, foreign currency, and foreign exchange market. Exchange rate:The number of units of foreign currency that can be acquired with one unit of domestic money

Foreign currency:The supplies of foreign exchange.

Foreign exchange market:The market for buying and selling the various currencies of the world.

7. If interest rates in the United States were lower than rates in the rest of the world, would the United States be more likely to be experiencing a net capital

inflow or a net capital outflow? Ceteris paribus, would the current account be in surplus or deficit?

If interest rates were lower in the United States than in the rest of the world, the United States would most likely experience a capital outflow. Investors would seek the higher return of securities outside the United States. The capital account would move into a deficit position. Ceteris paribus, the current account would move towards a surplus to offset the deficit in the capital account.

9. What would happen to the exchange rate if foreigners decided to sell U.S. securities?

If foreigners decided to sell U.S. securities, they are reducing their demand for U.S. financial instruments. The demand for dollars would fall and the exchange rate would decrease as the United States experienced a capital outflow.

11.What are the assumptions of the purchasing power parity theory? What are

the reasons why the theory may not offer a complete explanation of exchange rate differentials?

The theory of purchasing power parity asserts that in the long run, exchange rates adjust so that the relative purchasing power of various currencies is equalized. Thus, after full adjustment has occurred, each currency will purchase the same market basket of goods and services in every country. The assumptions of the purchasing power parity theory include that goods are identical from one country to the next, that all goods and services are tradable, that there are no transportation costs, and that there are no barriers to trade, such as tariffs. Many of the assumptions are extremely unrealistic. CHAPTER 8

An Introduction to Financial Intermediaries and Risk 5. What is a depository institution? What are the main types of depository institutions? What distinguishes them from other intermediaries?

A depository institution has a large part of its liabilities in the form of deposits that have been issued in order to obtain funds that can be used to make loans and other investments. Depository institutions include commercial banks, S&Ls, savings banks, and credit unions. Unlike other FIs, depository institutions play an important role in the nation’s money supply p rocess.

8. What are the main sources of funds (liabilities) and uses of funds (assets) for finance company-type FIs?

The main sources of funds for finance companies are corporate bonds, commercial paper, and bank loans. Finance companies use these funds t o make loans to households for the purchase of consumer durables and to businesses to finance inventories.

13. How can diversification reduce credit or default risk? In the event of widespread economic collapse will diversification always reduce this risk?

Diversification will help cover the losses of some investments if other investments in the portfolio are earning positive gains. The losses of some investments will be offset by the gains of others. But, in the event of a widespread economic collapse, all of the investments may be taking losses, and thus diversification may not be able to help.

14. What are the major determinants of an FI’s liability structure? Give examples of each.

The major determinants of an FI’s liability structure are the range of financial services offered (e.g. banking and investment services vs. insurance benefits); any specialization in a particular area, perhaps as a result of custom (e.g.S&L focus on mortgages) ; the tax status of the institution (e.g. tax exempt or not); and legal constraints or regulations (e.g. many FIs are not allowed to accept deposits).

CHAPTER 9

Commercial Banking Structure, Regulation, and Performance

2. What is meant by a dual banking system?

A dual banking system is the system in which commercial banks are chartered and regulated by either the federal government or a state government.

8. What is interest rate risk? Explain several ways banks can reduce interest rate risk.

Interest rate risk is the possibility that there will be a change in the intere st rate that will affect the price of the bank’s long -term assets and decrease earnings. Banks can use financial futures, options, and swaps to manage interest sate risk. Variable-rate loans can also be used to hedge against interest rate risk. The rat es on these loans will be adjusted up or down as the cost of funds rises or falls.

9. What is liquidity risk? Discuss ways in which banks deal with this risk. Does the development of nondeposit liabilities increase or decrease liquidity risk?

Liquidity risk is the risk that assets will not be able to be converted into cash without the loss of value. Banks deal with this risk by holding highly liquid assets and back-up lines of credit. Also, nondeposit liabilities such as use of Fed funds or repurchase agreements help decrease liquidity risk.

15. What is asymmetric information?

Asymmetric information is when a potential borrower knows more about the risks and returns of an investment project than the bank loan officer does.

16. What is merchant banking?

Merchant banking is the making of direct equity investments by a bank in start-up or growing nonfinancial businesses.

CHAPTER 10

Financial Innovation

1. Briefly discuss the incentives that have led to a rapid pace of financial innovation in the last 40 years.

Because financial claims are fungible and because other incentives have been present, the last forty years have seen a high level of financial innovation. This has occurred because the benefits of innovating have exceeded the costs.

The incentives to innovate include rising interest rates which led to disintermediation, volatile interest rates which increased interest rate risk, technological advances which affected payments technologies, and increased competition.

4. What are nondeposit liabilities? Give some examples. What are negotiable CDs? How do nondeposit liabilities differ from negotiable CDs? What are retail sweep accounts? What are credit derivatives?

Nondeposit liabilities are borrowed funds, such as Eurodollar borrowings, fed funds, and repurchase agreements, which are not deposits and not subject to reserve requirements or Regulation Q ceilings. Nondeposit liabilities often result from the

re-labeling of deposit liabilities to nondeposit liabilities to get around regulations that pertain to deposits.

Negotiable CDs are large certificates of deposit, which have a secondary market. Unlike nondeposit liabilities, negotiable CDs do not entail the re-labeling of deposit liabilities because negotiable CDs are deposit liabilities.

A more recent innovation, retail sweep accounts are the re-labeling of deposit liabilities to nondeposit liabilities. First appearing in 1994, they “sweep” balances out of transactions accounts that are subject to reserve requirements and into other deposits (usually money market deposit accounts) that are not. Required reserves fall by the amount of funds in sweep accounts multiplied by the required reserve ratio. As required reserves fall, ceteris paribus, banks have more funds to lend.

Credit derivatives are contracts that transfer the default risk of a loan or other debt instrument from the holder of the loan (beneficiary) to a guarantor who receives a fee for accepting the risk.

6. What is securitization? How does securitization reduce interest rate risk? Name some types of liabilities that are now securitized.

Securitization is the process whereby relatively illiquid financial assets such as mortgages are packaged together and sold off to individual investors. Securitization turns relatively illiquid instruments into quite liquid investments called asset-backed securities. A market maker agrees to create a secondary market by buying and selling the securities. Securitization originated in the mortgage market in the early 1980s, when mortgage loans began to be packaged together and sold off as securities in the secondary market often with government insurance guaranteeing that the principal and interest would be repaid. Securitization became popular because it provides a way of protecting

against interest rate risk in an environment of increased interest rate volatility. Securitization offers reduced credit risk because of the pooling of assets.

Since the mid-1980s, securitization has spread from the mortgage market to other markets including credit card balances, automobile and truck loans and leases, accounts receivable, computer leases, home equity loans, student loans, railroad car leases, small business loans, and boat loans. Banks, finance companies, retailers, thrifts, and others issue asset-backed securities that provide them with new funds to lend. Securitization, which is a form of direct finance, has experienced phenomenal growth since the early 1990s and may replace much of the lending that historically has gone through traditional intermediaries (indirect finance).

11. Discuss how banks can reduce their reserve requirements.

Banks can reduce their reserve requirements by encouraging their customers to transfer funds from deposit accounts subject to reserve requirements into accounts that are not. Examples of such accounts would be eurodollar deposits, negotiable CDs, and retail sweep accounts.

CHAPTER 13

The Fed, Depository Institutions, and the

Money Supply Process

1. Briefly explain why the Fed does not have precise control over the money supply. The Fed does not have precise control over the money supply because the multiplier linking the monetary base and the money supply is not perfectly stable or predictable, especially in the short run. The money supply is ultimately controlled by the public, the banks, and the Fed. The public decides how much of the monetary base they will deposit in banks and how much they will hold as currency in the hands of the public. Banks decide the quantity of excess reserves they will hold. The Fed determines the monetary base and the required reserve ratio.

3. In what form can a depository institution hold its required and excess reserves? What are the possible uses of currency outside the Fed?

Depository institutions can hold its required and excess reserves in the for m of vault cash or deposits at the Fed.

Currency outside the Fed can be held in the hands of the public to be used for purchases of goods and services or as vault cash, where it is part of reserves.

9. If e increases given c and r D, how can the Fed offset this change in e?

The Fed can offset an increase in the excess reserve ratio with offsetting open market operations. In this case, if e increases, the money multiplier would fall and the Fed would use open market purchases to offset the effects of the smaller multiplier.

10. If discount loans increase, what happens to the monetary base?

If discount loans increase, the monetary base increases by the amount of the increase in discount loans.

CHAPTER 16

The Challenges of Monetary Policy

1. What are the goals of monetary policy?

The goals of monetary policy are to design and implement policies that will achieve maximum sustainable economic growth in the long run. To achieve this, policymakers pursue policy to seek full employment, stable prices, and satisf actory external balances in the short run.

5. What is deflation, and why do policymakers have to be concerned about it? Deflation refers to a decline in the overall price level as measured by a price index. Policymakers have to be concerned about this phenomenon as falling prices can lead to debt deflation, defaults, and bankruptcies. Deflation is actually more onerous than inflation because debts are denominated in dollars and the real value of debt increases with deflation.

10.Define both cost-push and demand-pull inflation.

Cost-push inflation is triggered by increases in input prices. Producers raise prices because their costs are increasing. Demand-pull inflation occurs when an excessive level of aggregate demand pulls up the overall price level. Dema nd-pull inflation is associated with full employment.

CHAPTER 17

The Process of Monetary Policy Formulation

1. What are the ultimate targets of monetary policy?

The ultimate targets of monetary policy include stable prices, sustainable real gross domestic product growth, full employment, and satisfactory external balances.

2. What is an intermediate target? Why does the Fed use intermediate targets instead of focusing on the ultimate targets? What is an operating target?

An intermediate target is a measurable variable that lies between the operating target that the Fed uses in the implementation of monetary policy and the ultimate goals.

The intermediate target should be highly correlated with the ultimate target and amenable to control by the Fed. If the Fed uses such an intermediate target to guide its open market operations, it will have a greater success rate in achieving its ultimate goals. Intermediate targets enhance the probability of achieving the ultimate goals.

3. What is the recognition lag? The policy lag? The impact lag?

The recognition lag is the time elapsed between when a change occurs in the economy’s performance and when policy makers recognize that a change has occurred.

The policy lag is the time elapsed between when policy makers recognize that a change in the economy's performance has occurred and when policy makers decide on and implement an adjustment policy.

An impact lag is the time elapsed between when adjustment policy is implemented and when the economy responds to the policy.

13. Assume the Fed is targeting an interest rate and the demand for money increases. Explain why the money supply will increase.

If there is an increase in the demand for money, given a fixed money supply, the interest rate will rise. To keep the interest rate from rising and missing the targeted rate, the money supply has to increase.

CHAPTER 18

POLICY IMPLEMENTATION

2. Explain what is meant by the reserve need.

The reserve need is the projected amount of reserves to be supplied or withdrawn by open market operations to maintain or reach the existing levels of the Fed funds rate prescribed by the policy directive. The reserve need is estimated by the staff of the Fed.

7. What characteristics of Treasury bills make them desirable for use in outright transactions by the Trading Desk?

The huge size of the secondary T-bills market and its considerable depth, breadth, and liquidity enable it to absorb large transactions smoothly. Thus, Treasury bills are ideal for use in outright transactions by the Trading Desk.

货币金融学考试复习题及参考答案

中南大学现代远程教育课程考试复习题及参考答 案 《货币金融学》 一．单项选择题 1．信用起源于（ ） A、商品交换 B、货币流通 C、生产社会化 D、私有制 2．在信用关系的价值运动中，货币执行的职能是（ ） A、价值尺度 B、流通手段 C、支付手段 D、储藏手段 3．美国同业拆借市场也称（ ） A、 贴现市场 B、 承兑市场 C、 联邦基金市场 D、 外汇交易市场 4．资本市场是指（ ） A、短期市场 B、一级市场 C、发行市场 D、长期市场 5．劣币是指实际价值（ ）的货币 A、等于零 B、等于名义价值 C、高于名义价值 D、低于名义价值 6．（ ）是提供金融服务和产品的企业。 A、金融市场 B、金融体系 C、金融中介 D、金融工具

7．货币市场交易与资本市场交易相比较，具有（ ）的特点。 A、期限短 B、流动性低 C、收益率高 D、风险大 8．同业拆借市场是金融机构之间为（ ）而相互融通的市场。 A、减少风险 B、提高流动性 C、增加收入 D、调剂短期资金余缺 9．政策性金融机构是（ ）的金融机构。 A、与商业银行没有区别 B、不以营利为目的 C、由政府支持不完全以营利为目的 E、 代表国家财 10．本位货币是指（ ） A、一个国家货币制度规定的标准货币 B、本国货币当局发行的货币 C、以黄金为基础的货币 D、可以与黄金兑换的货币 11．由政府或政府金融机构确定并强令执行的利率是（） A、公定利率 B、一般利率 C、官定利率 F、固定利率 12．信托最突出的特征是对信托财产（）的分割 A、使用权 B、租赁权 C、所有权 D、代理权 13．世界上第一家现代银行――英格兰银行产生于（） A、1690年 B、1694年 C、1580年 D、1587年 14．金融监管按大类分可分为证券、保险、（）等监管机构 A、信托

金融学原理彭兴韵课后答案章

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