答案和详解如下： 1.If firms and households decide to reduce their currency holdings and increase their holdings of funds in their checking accounts by an equal amount, what will be the impact on the money supply if the U.S. Federal Reserve does not undertake any offsetting actions? A) There will be no direct or indirect impact on the money supply because the decrease in currency holdings will be exactly offset by the increase in the funds in the checking accounts. B) There will be no direct impact on the money supply, however, banks’ excess reserves will decrease, which will cause them to decrease their loans, thereby leading to an indirect decrease in the money supply. C) The direct and indirect impact will be to decrease the money supply, which will lead to a higher level of inflation and a greater instability of prices. D) There will be no direct impact on the money supply. However, banks’ excess reserves will increase, which will enable them to increase their loans, thereby leading to an indirect increase in the money supply. The correct answer was D) If firms and households decide to reduce their currency holdings and increase their holdings of funds in their checking accounts by an equal amount, there will be no direct impact on the money supply. Nevertheless, the resulting increase in excess reserves will enable banks to increase their loans, thereby leading to an indirect increase in the money supply through the multiplier effect. Putting money in a checking account increases, not decreases, bank reserves. 2.Which of the following is determined by the equilibrium between the demand for money and the supply of money? A) Inflation rate. B) Interest rate. C) Money supply. D) The change in the level of industrial production. The correct answer was B) Interest rates are determined by the equilibrium between money supply and money demand. 3.If households are holding larger real money balances than they desire, which of the following is least likely? A) The opportunity cost of holding money balances will decrease. B) Households will bid up securities prices. C) The central bank must sell securities to absorb the excess money supply and establish equilibrium. D) The interest rate is higher than its equilibrium rate in the market for real money balances. The correct answer was C) If households’ real money balances are larger than they desire, the interest rate (opportunity cost of holding money balances) is higher than its equilibrium rate. Households will use their undesired excess cash to buy securities, bidding up securities prices and reducing the interest rate toward equilibrium. This market process does not require any action by the central bank. 4.Silvano Jimenez, an analyst at Banco del Rey, is reviewing recent actions taken by the U.S. Federal Reserve (the Fed) in setting monetary policy. Recently, the Fed decided to increase the money supply, which has resulted in a decrease in real interest rates. At a staff meeting, Jimenez brings this matter to the attention of his colleagues and makes the following statements: Statement 1: Although the money supply increase has led to a decrease in real interest rates, we should begin to see U.S. investors decrease their investments abroad and the U.S. dollar will appreciate in the foreign exchange market. Statement 2: The Fed’s increase in the money supply will increase the amount of imports into the U.S. Are Statement 1 and Statement 2 as made by Jimenez correct?
A) Incorrect Correct B) Correct Incorrect C) Incorrect Incorrect D) Correct Correct The correct answer was C) If the Fed increases the money supply and real interest rates decline, U.S. investors will seek higher real rates of return abroad and the U.S. dollar will depreciate as the dollar will be exchanged for foreign currencies in order to buy the foreign investments. Likewise, the decrease in real interest rates will reduce the inflow of funds from abroad as foreign investors seek higher rates of return outside the U.S. With a dollar that has depreciated, U.S. exports should increase, as U.S. products will become cheaper for foreign buyers. As such, both statements are incorrect. 5.If the U.S. Federal Reserve decides to increase the money supply, what would most likely be the impact on the economy in the short run? A) A decrease in employment. B) A decrease in the unemployment rate. C) A decrease in real GDP. D) An increase in the price level in the short run, but not in the long run. The correct answer was B) If the U.S. Federal Reserve increases the money supply, a decrease in nominal and real interest rates will occur. Lower real rates will cause businesses to invest more, which will cause the unemployment rate to decline. Furthermore, households will increase purchases of durable goods, automobiles, and other items that are typically financed at short-term rates. This will increase aggregate demand. The increase in aggregate demand and expenditures will cause incomes to go up, which further increases consumption and investment. This process is repeated and, although not all income gains increase consumption, the eventual effect can be much greater than the initial increase in aggregate demand. This increase in aggregate demand will increase real GDP and the price level in the short run and the long run. 6.If the U.S. Federal Reserve (the Fed) sells government securities, what will most likely be the impact on the real interest rate, inflation rate, employment rate, and real GDP in the short run?
| Inflation Rate
| Real Interest Rate | Real GDP | Employment Rate |
A) Decrease Increase Decrease DecreaseB) Decrease Decrease Decrease Increase C) Increase Decrease Increase Increase D) Increase Increase Increase Decrease The correct answer was A) If the U.S. Federal Reserve sells government securities for cash, cash is being withdrawn from circulation in the economy. This action will decrease the money supply. A decrease in the money supply will reduce the supply of funds that the banks can loan, which will cause real and nominal interest rates to increase. The increase in real and nominal interest rates will make it more expensive for businesses to finance their capital investments. Therefore, the economy will experience a contraction in business investment, which will also cause aggregate demand to decrease. The decline in aggregate demand will lead to a decline in real GDP, a decrease in the inflation rate, and a decrease in the employment rate. | 
发表于 2008-5-15 13:21
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