课件案例中文chapter

1、Macroeconomics, 6e (Blanchard/Johnson) Chapter 21:Exchange Rate Regimes21.1Multiple Choice Questions1) If the exchange rate betn two countries is expected to remain fixed at its current rate, thenA) output growth rates must be equalhe two countries.B) price levels must be equalhe two countries.C) in

2、flation rates must be equalhe two countries.D) nominalerest rates must be equalhe two countries.E) none of the aboveAnswer: Diff: 1D2) In a fixed exchange rate regime, a reduction following?he price level will cause which of thea real apprea real apprea real deprea real depreno changetion and a left

3、ward shifthe aggregate demand curvetion and no shifthe aggregate demand curvetion and a rightward shifthe aggregate demand curvetion and no shifthe aggregate demand curvehe real exchange rate, and no change in aggregate demandAnswer: Diff: 1BA revaluation causes which of the following to occura redu

4、ction in net exportshe short runhe AS/AD m?B) a reductionhe price levela reduction in outputall of the abovenone of the aboveAnswer: Diff: 2DA devaluation causes which of the following to occuran increase in net exportshe medium run?B) an increasehe price levelan increase in outputall of the aboveno

5、ne of the aboveAnswer: Diff: 1B5) Supe a country is perceived to have an overvalued real exchange rate does not devalue.Which of the following wouldxpect to occur over time?A) a reduction in its price levelB) a real depretion of its currencya reduction in its trade surplusall of the abovenone of the

6、 aboveAnswer: Diff: 1DIn a fixed exchange rate regime, which of the following policies could be implemented toreduce a trade deficit and leave aggregate demand constant?devalue the currencyincreasedecreasedecreaseincreaseernment spending ernment spendingernment spending and devalue the currency ernm

7、ent spending and revalue the currencyAnswer: Diff: 1DUnder the Gold Standard,exchange rates could float.B) realerest rates were fixed.C) real exchange rates were fixed.D) nominalerest rates were fixed.E) none of the aboveAnswer: Diff: 1E8) After Britain returned to the Gold Standardhe 1920s, the Bri

8、tish pound wasundervalued, contributing to a long period of inflation.undervalued, contributing to a long period of reovervalued, contributing to a long period of inflation.D) overvalued, contributing to a long period of re.E) value about right, leading to a long period healthy growth wilmost no inf

9、lation.Answer: Diff: 1D9) Supe foreign exchange marketsipate a devaluation for country A. Further ametpolicy makers in country A will continue to fix its nominal exchange rate. In order to peg the currency at its original level, which of the following must occur?A) increase the domesticerest rateB)

10、increase the domestic price levelconvince trading partners to raise theirall of the abovenone of the aboveerest ratesAnswer: Diff: 1A10) Part of the reason for the Mexican peso crisis of 1994 was Mexicos decitoallow the peso to depreallow the peso to apprete too ra te too raly.ly.mamaru Answer: Diff

11、: 1ain relatively low nominalerest rateshe face of relatively high inflation.ain a roughly fixed nominal exchange ratehe face of relatively high inflation.y small budget deficit Dhe face of relatively high inflation.宏观经济学，6e（/）第21章：汇率制度21.1多项选择题1）如果预计两个国家之间的汇率将保持固定的当前汇率，那么A）两国的产出增长率必须相等。B）两国的价格水平必须相

12、等。C）两国的通货膨胀率必须相等。D）这两个国家的名义利率必须相等。E）以上都不是：D差异：12）在固定汇率制度下，价格水平的降低会导致以下哪种情况？A）总需求曲线的实际升值和向左移动B）实际升值并且总需求曲线没有变化C）总需求曲线的实际折旧和向右移动D）实际贬值并且总需求曲线没有变化E）实际汇率没有变化，总需求没有变化：B差异：13）重估会导致AS / AD模型在短期内发生以下哪种情况？A）净出口减少B）降低价格水平C）产量减少D）以上所有内容E）以上都不是：D差异：24）贬值会导致以下哪种情况发生在中期？A）净出口增加B）价格水平的提高C）产量增加D）以上所有内容E）以上都不是：B差异：1

13、5）假设一个国家被认为有种情况？的实际汇率不会贬值。预计随着时间推移会发生以下哪A）降低价格水平B）货币的实际贬值C）贸易顺差减少D）以上所有内容E）以上都不是：D差异：16）在固定汇率制度下，可以采取以下哪些政策来减少贸易逆差并使总需求保持不变？A）使货币贬值B）增加支出C）减少支出D）减少支出并使货币贬值E）增加支出并重新评估货币：D差异：17）根据黄金标准，A）汇率可能浮动。B）实际利率是固定的。C）实际汇率是固定的。D）名义利率是固定的。E）以上都不是：E差异：18）英国在20世纪20年代恢复黄金标准后，英镑是A）被低估，导致长期通货膨胀。B）低估，导致长期。C）估值过高，导致长期通胀

14、。D）估值过高，导致长期。E）关于权利的价值，导致长期健康增长，几乎没有通货膨胀。：D差异：19）假设外汇市场预计A国会出现贬值。进一步假设A国的决策者将继续确定其名义汇率。为了将货币挂钩到原来的水平，必须出现以下哪种情况？A）提高国内利率B）提高国内价格水平C）说服贸易伙伴提高利率D）以上所有内容E）以上都不是：A差异：110）1994年墨西哥比索的部分原因是墨西哥的决定A）允许比索过快贬值。B）让比索升得太快。C）面对相对较高的通货膨胀，保持相对较低的名义利率。D）面对相对较高的通货膨胀，保持大致固定的名义汇率。E）面对相对较高的通货膨胀，赤字非常小。：D差异：1Which of the

15、following is an argument of opponents of devaluations?devaluations cause relatively slow adjustments.participants in foreign exchange markets have a short memory: if the expected devaluation doesnt occur within a short time-period, they will stop expecting it.C) a devaluation causes a nation with fi

16、xed exchange rates to lose credibilityhe medium run,driving itserest rate higher.D) all of the aboveE) none of the aboveAnswer: Diff: 1C12) A country which does not devalue when finanl markets expect it to will probably sufferA) a real appretion of its currency.B) highererest rates.a default on its

17、national debt.all of the abovenone of the aboveAnswer: Diff: 1BUse the information provided below to answer the following questions.The exchange rate bet is 1.0 and the one-yearn the British pound and the U.S. dollar is 2. In England, the price levelerest rate is 20%.he United Ses, the price level i

18、s .8 and theone-yearerest rate is 8%. The inflation rate in both countries is zero.13) Refer to the information above. The real exchange rate (from the United S isA) .625.B) .8.C) 1.6.D) 2.0.E) none of the abovees)Answer: Diff: 1C14) Refer to the information above. The price of U.S. goods measured i

19、n pounds is A) .8.B) 1.0.C) 1.6.2.none of the aboveAnswer: Diff: 1C15) For this question, ameterest parity holds, the future expected exchange rate isconstant, the current nominal exchange rate is 1.2, the one-year foreignerest rate is 6% andthe one-year domesticerest rate is 3%. Given this informat

20、ion, one can concludetA) finanl market participants expectt the exchange rate (E) will increase by 3% over thecoming year.B) finanl market participants expectt the exchange rate (E) will decrease by 3% over thecoming year.C) finanl market participants expectt the domestic currency to deprete by 3% o

21、ver thecoming year.D) finanl market participants expectt the exchange rate (E) will increase by 20% over thecoming year.Answer: Diff: 2A16) In chapter 21, the expected future nominal exchange ratehe long run say, Eet+n, isamed to be the nominal exchange rate at whichA) the current account is in bala

22、nce.B) the future rate of appretion or depretion is constant.C) domestic and foreign price levels are equal.one unit of foreign currency exchanges for one unit of domestic currency.none of the aboveAnswer: Diff: 1AChanges in which of the following variables will cause the current nominal exchange ra

23、te to change?the future expected long-run nominal exchange rate, Eet+nfuture expected domestic nominalerest ratesfuture expected foreign nominalall of the aboveerest ratesAnswer: Diff: 1D18) An increasehe foreign one-yearerest rate expected to occur in, say, two years will, allelse fixed, have which

24、 of the following effects in a flexible exchange rate regime?A) the real exchange rate will decrease with no changehe nominal exchange rate.the nominal exchange rate will decrease with no changeboth the real and nominal exchange rate will decrease.no change in either the nominal or real exchange rat

25、e.both the real and nominal exchange rate will increase.he real exchange rate.Answer: Diff: 2C19) An increasehe domestic one-yearerest rate expected to occur in, say, two years will,all else fixed, have which of the following effects in a flexible exchange rate regime?A) the real exchange rate will

26、increase with no changehe nominal exchange rate.the nominal exchange rate will increase with no changeboth the real and nominal exchange rate will increase.no change in either the nominal or real exchange rate.he real exchange rate.Answer: Diff: 1C20) Supe countrygs its nominal exchange rate to coun

27、try B andt country A has ahigher inflation raten country B.his situation, country A will experienceA) a real appretion.B) a worsening tradeition.C) an increasehe real exchange rate.D) all of the aboveE) none of the aboveAnswer: Diff: 1D11）以下哪一项是贬值的论据？A）货币贬值导致调整相对缓慢。B）外汇市场参与者的期待。力很短：如果预期的贬值不会在短时间内发生，

28、他们就会停止C）货币贬值导致一个固定汇率的国家在中期失去信誉，从而推高其利率。 D）以上所有内容E）以上都不是：C 差异：112）一个在预期它可能损失时不会贬值的国家A）真正升值其货币。 B）更高的利率。 C）国债的违约。 D）以上所有内容 E）以上都不是：B 差异：1使用下面提供的信息回答以下问题。英镑与之间的汇率为2.在英格兰，价格水平为1.0，一年期利率为20。在水平为.8，一年期利率为8。两国的通货膨胀率均为零。，价格13）参考上面的信息。实际汇率（从 A）.625。B）.8。 C）1.6。 D）2.0。 E）以上都不是：C 差异：1的角度来看）是14）参考上面的信息。以磅为 A）.8

29、。B）1.0。 C）1.6。 D）2。 E）以上都不是：C 差异：1的商品价格为15）对于这个问题，假设利率平价持有，未来预期汇率不变，当前名义汇率为1.2，一年期外汇利率为6，一年期国内利率为3。根据这些信息，可以得出结论A） B） C） D）参与者预计汇率（E）将在来年增加3。 参与者预计未来一年汇率（E）将下降3。参与者预计本国货币将在未来一年贬值3。参与者预计汇率（E）将在来年增加20。：A 差异：216）在第21章中，长期预期的未来名义汇率，即Eet + n，假定为名义汇率， A）经常账户处于平衡状态。B）未来的升值或折旧率是不变的。 C）国内和国外价格水平相等。D）一个的本币外币兑

30、换。E）以上都不是：A 差异：117）以下哪个变量会导致当前名义汇率发生变化？ A）未来预期的长期名义汇率，Eet + n B）未来预期的国内名义利率 C）未来预期的外国名义利率D）以上所有内容：D 差异：118）预计在两年内发生的外国一年期利率的增加，其他一切都将固定，在灵活的汇率制度中具有以下哪些影响？A）实际汇率将随着名义汇率的变化而减少。 B）名义汇率将随着实际汇率的变化而减少。 C）实际汇率和名义汇率都将下降。 D）名义汇率或实际汇率无变化。 E）实际汇率和名义汇率都将增加。：C 差异：219）预计在两年内发生的国内一年期利率的增加，其他一切都将固定，在灵活的汇率制度中具有以下哪些影

31、响？A）实际汇率将随着名义汇率的变化而增加。 B）名义汇率将随着实际汇率的变化而增加。 C）实际汇率和名义汇率都会增加。D）名义汇率或实际汇率无变化。：C 差异：120）假设A国将其名义汇率与B国挂钩，而A国的通货膨胀率高于B国。在这种情况下，A国将体验A）真正的欣赏。B）贸易状况。C）实际汇率的增加。 D）以上所有内容 E）以上都不是：D 差异：121) Sup finane a countrys been pegging its currency is faced wisituation wherel market participants now expect some future d

32、evaluation. In such a situation, we wouldgenerally expect which of the following to occur?A) a reductionhe domesticerest rate.B) an announcement by the central bt a large devaluation will occurhe near future.reduction in demand for the countrys currency.all of the abovenone of the aboveAnswer: Diff:

33、 2AAn adjustment of central paritiesrealignment.he EMS is called aB) nominal appretion or nominal depretion.real apprere-coupling.tion or real depretion.E) re-paritization.Answer: Diff: 1ADuring the EMS crisis in 1992,all the EMS countries abandoned the system.Germany abandoned the system.England an

34、d Italy abandoned the system.France was put in charge of the system.all the EMS countries stood firm, and refused to change central parities.Answer: Diff: 1CAfter continuing crises in 1993, the EMS countriesagreed to entirely abandon the system.stood firm, refusing to adjust central parities.narrowe

35、d the band of allowable fluctuations around central parities.D) removed France from its leading rolehe system.E) widened the band of allowable fluctuations around central parities.Answer: Diff: 1EWhich of the following is an advantage of a common currency in Europe?each country could conduct its own

36、, independent monetary policy.B) exchange rate uncertay withhe common currency area would be eliminated.each country could conduct its own, independent fiscal policy.all of the abovenone of the aboveAnswer: Diff: 1BWhich of the following, according to the Maastricht treaty, was a condition for parti

37、cipating he common currency area?a relatively small budget deficit-to-GDP ratioB)easlf the population of the country must speak German, French and English t any future devaluations will be announced in advanceC) a promiseD) the replacement of the countrys prime minister wi of Europen appoee of the n

38、ew United SesE) a relatively small amount of foreign aid to countries outside the areaAnswer: Diff: 1A27)When policy makers decide to devalue the currency, such an action generally representsA) a decito let the currency float.B) an increasehe pegged value of the domestic currency. he foreign price l

39、evel.he domestic price level.a reductiona reductionE) none of the aboveAnswer: Diff: 1D28) When policy makers decide to revalue the currency, such an action generally representsA) an increasehe pegged value of the domestic currency.B) a decito let the currency float.C) a reductionhe foreign price le

40、vel. he domestic price level.D) an increaseE) none of the above Answer:ADiff: 129)Supe the countryt pegs its currency has an overvalued real exchange rate andtoutput is currently above the natural level of output. Which of the following will occur as the economy adjusts to this situation?A) P will d

41、ecrease over time until Y = Yn.B) a reduction curve.he pegged value of the domestic currency will cause a leftward shift of the ADC) net exports will increase as the economy adjusts to this situation.domestic goods willnone of the abovee less competitive as the economy adjusts by itself.Answer: Diff

42、: 1D30) Amet policy makers are pursuing a fixed exchange rate regime andt the economyis initially operating at the natural level. Which of the following will occur as a result of a evaluation?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium r

43、un. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.the nominal exchange rate will initially increase medium run.none of the abovehe short run and then decreaseheAnswer: Diff: 1E21）假设一个一直盯住其货币的国家着参与者现在期望未来贬值的情况。在这种情况下，通常会预期会发生以下哪种情况？A）国内利率下降。

44、B）宣布在的将来将出现大幅贬值。C）减少对该国货币的需求。 D）以上所有内容 E）以上都不是：A 差异：222）对EMSA）重新调整。平价的调整称为aB）名义升值或名义折旧。 C）实际升值或实际折旧。 D）重新耦合。 E）重新驯化。：A 差异：123）在1992年的EMS期间，A）所有EMS国家都放弃了该系统。 B）德国放弃了该系统。 C）英格兰和意大利放弃了该系统。 D）法国负责该系统。E）所有EMS国家都坚定，并：C 差异：1改变平价。24）在1993年继续发生 A）同意完全放弃该系统。之后，EMS国家B）坚定不移，调整中心。C）缩小中心周围允许波动的范围。D）将法国从其在该系统中的主导作

45、用中删除。 E）扩大了中心周围允许波动的范围。：E 差异：125）以下哪项是欧洲共同货币的优势？ A）每个国家都可以实施自己独立的货币政策。 B）共同货币区内的汇率不确定性将被消除。 C）每个国家都可以实施自己独立的财政政策。 D）以上所有内容E）以上都不是：B 差异：126）根据 A）相对较小的条约，以下哪一项是参与共同货币区的条件？赤字与GDP比率B）该国至少有一半的必须讲德语，法语和英语C）承诺任何未来的货币贬值将提前D）以新任“欧洲”的任命取代该国E）对该地区以外国家的外援相对较少：A 差异：127）当政策制定者决定贬值货币时，这种行为通常代表着 A）决定让货币浮动。B）本国货币的挂钩

46、价值增加。 C）降低国外价格水平。 D）降低国内价格水平。 E）以上都不是：D 差异：128）当决策者决定重新评估货币时，这种行为通常代表 A）本币的挂钩价值增加。B）决定让货币浮动。 C）降低国外价格水平。 D）国内价格水平的提高。 E）以上都不是：A 差异：129）假设钉住其货币的国家实际汇率被，而且该产出目前高于产出的自然水平。当经济适应这种情况时，会发生以下哪种情况？A）P将随时间减小，直到Y = Yn。 B）本国货币挂钩价值的下降将导致AD曲线向左移动。 C）随着经济适应这种情况，净出口将增加。 D）随着经济自身调整，国内商品的竞争力将下降。 E）以上都不是：D 差异：130）假设决

47、策者正在推行固定汇率制度，而且经济最初是在自然水平上发生以下哪种情况？A）实际汇率将在中期持续走高。 B）实际汇率将在中期持续下降。 C）在中期，这种贬值对实际汇率的影响将是模糊的。 D）名义汇率最初将在短期内增加，然后在中期内减少。 E）以上都不是：E 差异：1。评估结果会31) Amet policy makers are pursuing a fixed exchange rate regime andt the economyis initially operating at the natural level of output. Which of the following wil

48、l occur as a result of a revaluation?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.the effects of this revaluation on the real exchange rate will be ambiguousthe real exchange rate will be unchangededium run.he medium ru

49、n.E) the nominal exchange will initially fallhe short run and then increasehe medium run.Answer: Diff: 1D32) Amet policy makers are pursuing a fixed exchange rate regime. Amet theeconomy is initially operating at the natural level (i.e., Y = Yn). Supe fiscal policy makersincrease taxes. This fiscal

50、contraction will cause which of the following?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.the real exchange rate will be uncha

51、ngednone of the abovehe medium run.Answer: Diff: 1A33) Amet policy makers are pursuing a fixed exchange rate regime. Amet theeconomy is initially operating at the natural level (i.e., Y = Yn). Supe an increase in wealthcauses households to increase consumption. This wealth-induced increase in consum

52、ption will cause which of the following to occur?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.D) the real exchange rate will be

53、 unchangedhe medium run.Answer: Diff: 1B34)A number of situations can ariset will cause individuals to bevet policy makersmight change the pegged value of a fixed exchange rate. Supe finanl market participantsexpect a revaluationhe future. Theerest parity condition will be maained if which of thefol

54、lowing policy actions are takenhe current period?a reductionan increase in ia reduction in ian increase inhe pegged value of the domestic currencyernment spendingAnswer: Diff: 1C35)For this question, amet policy makers are pursuing a fixed exchange rate regime andt output is initially lessn the natu

55、ral level of output. The economy will tend to movetoward the natural level of output when which of the following occur?A) an increasehe price levelB) a devaluation of the currencyan increasea reductionhe domesticerest ratehe foreign price levelE) none of the aboveAnswer: Diff: 1B36) For this questio

56、n, amet policy makers are pursuing a fixed exchange rate regime and n the natural level of output. The economy will tend to movet output is initially greatertoward the natural level of output when which of the following occur?A) an increasehe price levelB) a devaluation of the currencya reductionan

57、increasehe domesticerest ratehe foreign price levelE) none of the aboveAnswer: Diff: 1A37)European currencies taken out of circulation and replaced with the Euro in A) 1992.B) 1997.C) 1999.D) 2004.E) none of the aboveAnswer: Diff: 1E38)The new European Central BEnglandItalyFranceSpainGermanyis locat

58、ed in which country?Answer: Diff: 1E39)Policy makers can select from a number of different exchange rate regimes and exchange rate policies. Which of the following policies would most likely represent a hard peg?a revaluationa devaluationa flexible exchange rate regimea dollarizationAnswer: Diff: 1D

59、40)Policy makers can select from a number of different exchange rate regimes. One of those options is a hard peg. Which of the following best represents a hard peg?a revaluationa currency boarda flexible exchange rate regimethe EMSnone of the aboveAnswer: Diff: 1B31）假设决策者正在推行固定汇率制度，而且经济最初是在自然产出水平上会发

60、生以下哪种情况？A）实际汇率将在中期持续走高。 B）实际汇率将在中期持续下降。 C）在中期，这种重估对实际汇率的影响将是模糊的。 D）实际汇率在中期内将保持不变。 E）名义交易最初将在短期内下降，然后在中期内增加。：D 差异：1。重估后32）假设决策者正在推行固定汇率制度。假设经济最初在自然水平上即，Y = Yn）。假设财政决策者增加。这种财政紧缩会导致以下哪一项？A）实际汇率将在中期持续走高。 B）实际汇率将在中期持续下降。 C）在中期，这种贬值对实际汇率的影响将是模糊的。 D）实际汇率在中期内将保持不变。E）以上都不是：A差异：133）假设决策者正在推行固定汇率制度。假设经济最初在自然水平