国际经济学理论与政策-双语各章练习题

QuizforChapter12I.Fillthefollowingblankswiththeproperwordorexpression1.Y-( 尸CATOC\o"1-5"\h\z2、NationalincomeequalsGNPless(),plus(),less( ).GNPequalsGDP( )netreceiptsoffactorincomefromtherestoftheworld.Thenationalincomeidentityforanopeneconomyis( ).Whenacountry'sexportsexceeditsimports,wesaythecountryhasacurrentaccount( ).Thecurrentaccountincludes( )Anytransactionresultinginapaymenttoforeignersisenteredinthebalanceofpaymentaccountasa( ).Inaclosedeconomy,nationalsavingalwaysequals( ).Whenofficialreservesincrease,thiswillberecordedinthe( ),with()sign.Whendebitisbiggerthannetdecreaseofthereserve,thedifferencewillgotothe( )..TrueorfalseThebalanceofpaymentsaccountsalwaysbalanceinpracticeastheymustintheory.()Netunilateraltransfersareconsideredpartofthecurrentaccountsbutnotapartofnationalincome.()TheGNPacountrygeneratesoversometimeperiodmustequalitsnationalincome,theincomeearnedinthatperiodbyitsfactorsofproduction.()WhenyoubuyashareofMicrosoftstock,youarebuyingneitheragoodoraservice,soyourpurchasedosenotshowupinGNP.()Ifthegovernmentdeficitrisesandprivatesavingandinvestmentdonotchangemuch,thecurrentaccountsurplusmustfallbyroughlythesameaccountastheincreaseinthefiscaldeficit.()Weincludeincomeonforeigninvestmentinthecurrentaccountbecausethatincomereallyiscompensationfortheservicesprovidedbyforeigninvestments.()Rememberthatforeignborrowingmaynotalwaysbeabadidea:acountrythatborrowsabroadtoundertakeprofitabledomesticinvestmentcanpayitscreditorsandstillhavemoneyleftover.()Governmentagenciesincludingcentralbankscanfreelyholdforeignreservesandinterveneofficiallyinexchangemarket.()WhentheUnitedStateslendsabroad,apaymentismadetoforeignersandthecapitalaccountiscredited.Onereasoninterventionisimportantisthatcentralbanksuseitasawayofalteringtheamountofmoneyincirculation.m.Answerthefollowingquestions:Whyaccountkeepersaddstheaccountastatisticaldiscrepancytothebalanceofpayment?ThenationofPecuniahadacurrentaccountdeficitof$1billionandanonreservefinancialaccountsurplusof$550millionin2005.⑴WhatwasthebalanceofpaymentsofPecuniainthatyear?Whathappenedtothecountry 'snetforeignassets?)Assumethatforeigncentral banksneither buynorsellPecunianassets.HowdidthePecuniancentralbankshadpurchased$600million ofPecunianassetsin2005?Howwouldthisofficialinterventionshowupinthebalanceofpaymentsaccounts?)Howwouldyouranswerto(2)changeifyoulearnedthatforeigncentralbankshadpurchasedenterforeignbalanceofpaymentsaccounts?IV.Fillthefollowingblanks:China'sbalanceofpaymentin2000UnitUSdollar(million)BalanceCurrentAccountGoods34473Services-5600Income-14665UnilateralTransfer6311CapitalAccountDirectinvestment37482Portfolioinvestment-3990Othercapital-31534StatisticalDiscrepancyOfficialReserve-11929QuizforChapter13I.FillthefollowingblankswiththeproperwordorexpressionChangesinexchangeratesaredescribedasor,Foreignexchangedealssometimesspecifyavaluedatefartherawaythantwo-days-30days,90days,180days,orevenseveralyears.TheexchangeratesquotedinsuchtransactionsarecalledisthemostliquidofassetsTheeasewithwhichtheassetcanbesoldorexchangeforgoods,wecallthecharacterisAforeignisaspotsaleofacurrencycombinedwithaforwardrepurchaseofthecurrency.Theforeignexchangemarketisinwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.ThepriceofonecurrencyintermsofanotheriscalledanAllelseequal,aintheexpectedfutureexchangeratecausesariseinthecurrentexchangerate.isthepercentageincreaseinvalue,itoffersoversometimeperiod.Allelseequal,anintheinterestpaidondepositsofacurrencycausesthatcurrencytoappreciateagainstforeigncurrencies..TrueorfalseArateofappreciationofthedollaragainst theeuroistherateofdepreciationoftheeuroagainstdollar.()Theexchangeratequotedasthepriceofforeigncurrencyintermsofdomesticcurrencyiscalleddirectquotation.()allelseequal,anappreciationofacountry'scurrencymakesitsgoodscheaperforforeigners.()Theforeignexchangemarketisinequilibriumwhendepositsofallcurrenciesofferthesameexpectedrateofreturn.()Allelseequal.,Whenacountry'scurrencydepreciated,domesticresidentsfindthatimportsfromabroadaremoreexpensive.()Centralbankisatthecenteroftheforeignexchangemarket.()Adepreciationofthedollaragainsteurotodaymakeseurodepositlessattractiveontheconditionthatexpectedfuturedollar/eurorateandinterestratesdonotchange.()allelseequal,adecreaseoftheinterestpaidondepositofUSdollarscausesdollarstoappreciateagainstforeigncurrency])NewYork.isthelargestforeignexchangemarketintheworld.()Afallintheexpectedfutureexchangeratecausesafallinthecurrentexchangerate.m.Answerthefollowingquestions:Currently,thespotexchangerateisUS$1=SF1.50andtheexpectedexchangerateforsixmonthisSF1.55.theinterestrateis8%intheUSperannumand10%intheSwitzerlandperannum.Determinewhetherinterestrateparityiscurrentlyholding.Ifitisnotholding,whatwillhappenintheforeignexchangemarket?.Iftheexpectedexchangerateisunchanged,whatisthespotratewhenforeignexchangerateisinequilibrium?Supposethedollarinterest rateandthepoundsterlinginterestratearethesame,5percentperyear.Whatistherelationbetweenthecurrentequilibrium$/£exchangerateanditsexpectedfuturelevel?Supposetheexpectedfuture$/£exchangerate,$1.52perpound,remainsconstantas

$/£exchangerate?Britain'sinterestraterisesto10percentperyear.IftheU.S.interestratealsoremainsconstant,whatisthenewequilibrium$/£exchangerate?QuizforChapter14I.FillthefollowingblankswiththeproperwordorexpressionM1includes.Aneconomy'smoneysupplyiscontrolledby.ThreemainfactorsthatdetermineaggregatemoneydemandareWhenmoneysupplyequalsmoneydemand,wesaythatthemoneymarketis.Ariseintheaveragevalueoftransactionscarriedoutbyahouseholdorfirmcauseitsdemandformoneyto.isanimportantphenomenonbecauseithelpsexplainwhyexchangeratesmovesosharplyfromdaytoday.Iftheeconomyisinitiallyatfullemployment,apermanentincreaseinthemoneysupplyeventuallybefollowedbyinthepricelevel.Overshootingisadirectconsequenceoftheshort-runAneconomy'sisthepositionitwouldeventuallyreachifnoneweconomicshocksoccurredduringtheadjustmenttofullemployment.Allelseequal,apermanentinacountry'smoneysupplycausesaproportionallong-rundepreciationofitscurrencyagainstforeigncurrencies.II.TrueorfalseAnincreaseinrealoutputlowerstheinterestrate.( )Intheshortrun,areductioninacountry'smoneysupplycausesitscurrencytoappreciateintheforeignexchangemarket.( )Allelseequal,anincreaseinacountry'smoneysupplycausesaproportionalincreaseinTOC\o"1-5"\h\zitspricelevelinthelongrun.( )Allelseequal,ariseintheinterestratecausesthedemandformoneytofall.(Ifthereisinitiallyanexcessdemandofmoney,theinterestratefallsintheshort-run.()Ariseintheaveragevalueoftransactionscarriedoutbyahouseholdorfirmcausesitsdemandformoneytofall.( )Giventhepricelevelandoutput,anincreaseinthemoneysupplylowerstheinterestrate.()Achangeinthesupplyofmoneyhaseffectonthelong-runvaluesoftheinterestrateorrealoutput.( )Thehighertheinterestrate,themoreyousacrificebyholdingwealthintheformofmoney.()Anincreaseinrealoutputlowerstheinterestrate,giventhepricelevelandthemoneysupply()Aneconomyexperiencesinflationwhenitspricelevelisfalling.()m.Answerthefollowingquestions:Whatistheshort-runeffectontheexchangeratewhenUSgovernmentincreasesthemoneysupply?(expectationsaboutfutureexchangerateareunchanged)PleasedrawagroupofpicturestoshowthetimepathsofU.S.economicvariablesafterapermanentincreaseintheU.S.moneysupplygrowthrateaccordingtothefollowing:(1)Theu.s.decidedtoincreasethemoneysupplygrowthratepermanently.Theverticalaxisismoneysupplyandthehorizontalaxisistime.(2)Theinterestratechange,.TheverticalaxisisDollarinterestrateandthehorizontalaxisistime.(3)Thepricelevelchange.TheverticalaxisisU.Spricelevelandthehorizontalaxisistime.(4)Theexchangeratechange,.TheverticalaxisistheDollar/Euroexchangerateandthehorizontalaxisistime.IV.CALCULATIONSupposethatthespotrateis ?1=US$1.2468—78andthesix-monthforwardrateis ?1=US$1.2523—33,theinterest rateperannumis4%intheeurozoneand6%intheUS.Aftercarryingoutinterestarbitragewith ?5,000,000borrowedattheabove-mentionedrate,pleasecalculateyournetinterestarbitrageprofit(othercostsignored).QuizforChapter15I.FillthefollowingblankswiththeproperwordorexpressionTheequationforrealinterestparityis .Thelong-runrelationshipbetweeninflationandinterestratesiscalled.TheequationforabsolutePPPis.TheequationforrelativePPPis.Thelawofstatesthatunderfreecompetitionandintheabsenceoftradeimpediments,agoodmustsellforasinglepriceregardlessofwhereintheworlditissold.Equationq$/(E$/PE)/PUSshowsthatatunchangedoutputprices,nominaldepreciationimpliesreal . AccordingtoFishereffect,ifU.S.inflationweretorise,thenU.S.dollarinterestrateswould.istherelativepriceoftwooutputbaskets,whileistherelativepriceoftwocurrencies.TransportcostsandgovernmenttraderestrictionsmakeitexpensivetomovegoodsbetweenmarketslocatedindifferentcountriesandthereforeweakenthemechanismunderlyingPPP.refertothosegoodsandservicesthatcanneverbetradedinternationallyataprofit.II.TrueorfalseAccordingtomonetaryapproach,ariseintheinterestrateondollarwillleadtothedepreciationofthedollarinthelongrun.()Accordingtomonetaryapproach,ariseinEuropeanoutputcausestheEurotoappreciate.()TOC\o"1-5"\h\zWhendemandforAmericanproductsrises,therewillbealong-runrealdepreciationofthedollar.( )Accordingtomonetaryapproach,ariseinEuropeanoutputcausestheEurotoappreciate.()WhenEuropeanoutputsupplyincreases,therewillbeanappreciationoftheeuro.( )ExpectedrealinterestratesarethesameindifferentcountrieswhenrelativePPPisexpectedtohold.( )Basedonthemonetaryapproach,otherthingsequal,apermanentriseintheU.S.moneysupplycausesaproportionallong-runappreciationofthedollaragainsteuro.( )Atunchangedoutputprices,nominaldepreciationimpliesrealappreciation.( )DeparturesfromPPPmaybeevengreaterintheshortrunthaninthelongrunbecausemanypricesintheeconomyarestickyandtaketimetoadjustfully.()IfallU.S.pricesincreaseby10%andthedollardepreciatesagainstforeigncurrenciesby10%,absolutePPPwillbesatisfied(assumingtherearenochangesabroad)foranydomesticandforeignchoicesofpricelevelindexes.()m.Answerthefollowingquestions:SupposeAmerica'sinflationrateis6%overoneyear,buttheinflationrateinItalyis12%.AccordingtorelativePPP,whatshouldhappenovertheyeartothedollar 'sexchangerateagainstthelira?HowtoexplaintheproblemswithPPP?Givethereasons.QuizforChapter16I.FillthefollowingblankswiththeproperwordorexpressionTheaggregatedemandforanopeneconomy'soutputconsistsoffourcomponents:Thecurrentaccountbalanceisdeterminedbytwomainfactors: andEquilibriumintheeconomyasawholerequiresequilibriumintheaswellasinthe Antemporaryincreaseinthemoneysupplycausesaofthedomesticcurrency,ofoutput,andthereforeinemployment.Givenafixedexchangerate,whengovernmentdemandincreases,DDschedulewillshiftAreductioninmoneydemandwouldshiftAA.policyworksthroughchangesingovernmentspendingortaxes.Iftheeconomystartsatlong-runequilibrium,apermanentchangeinfiscalpolicyhasnoneteffecton.J-curveeffectsamplifytheofexchangeratesBecauseapermanentfiscalexpansionchangesexchange-rateexpectations,theeffectonoutputisiftheeconomystatsinlong-runequilibrium.II.TrueorfalseIfthereisadeclineininvestmentdemand,theDDschedulewillshifttotheright.()TheeffectofrealexchangerateincreaseonIMisambiguous.()Atemporaryincreaseinthemoneysupply,whichdoesnotalterthelong-runexpectedexchangerate,causesadepreciationofthecurrencyandariseinoutput.Temporaryfiscalexpansionalsohasthesameresult.()Otherthingsequal,arealdepreciationofthehomecurrencylowersaggregatedemandforhomeoutput.()TheDDScheduleshowsallexchangerateandoutputlevelsatwhichtheoutputmarketisinshort-runequilibrium.DDScheduleslopesupward.()Apermanentfiscalexpansiondoesnotchangesexchange-rateexpectations.()SincetheeffectisthesameofthatofanincreaseinG,anincreaseinTmustcausetheDDScheduletoshiftrightward.()AriseinR*causesanupwardshiftofAA.()Eitheranincreaseinthemoneysupplyortemporaryfiscaleasecanbeusedtomaintainfullemployment.Thetwopoliceshavenodifferenteffectsatall.().Ifexportsandimportsadjustgraduallytorealexchangeratechanges,thecurrentaccountmayfollowaJ-curvepatternafterarealcurrencyappreciation,firstworseningandthenimproving.()Thegreatertheupwardshiftoftheassetmarketequilibriumschedule,thegreatertheappreciationofthecurrency.()Monetaryexpansioncausesthecurrentaccountbalancetodecreaseintheshortrun.()Expansionaryfiscalpolicyreducesthecurrentaccountbalance.()m.Answerthefollowingquestions:Anewgovernmentiselectedandannouncesthatonceitisinaugurated,itwillincreasethemoneysupply.UsetheDD-AAmodeltostudytheeconomy'sresponsetothisannouncement.PleaseuseAAandDDschedulestodescribe“Theadjustmenttoapermanentincreaseinthemoneysupply."Theoriginalpointisatfullemployment.Theverticalaxisisexchangerate,thehorizontalaxisisoutput.Ifaneconomydoesnotstartoutatfullemployment,isitstilltruethatapermanent changeinfiscalpolicyhasnocurrenteffectonoutput?PleaseuseAAandDDschedulestodescribeit.QuizforChapter17I.FillthefollowingblankswiththeproperwordorexpressionAnycentralbankpurchaseofassetsautomaticallyresultsinaninthedomesticmoneysupply.Theconditionoftheforeignexchangemarketequilibriumunderafixedexchangerateis. Underafixedexchangerate,centralbankpolicytoolsismoreeffective.Theexpectationofafuturedevaluationcausesainthehomeinterestrateabovetheworldlevel.Themainfactorthatmayleadtoimperfectassetsubstitutabilityintheforeignexchangemarketis_ BetweentheendofWorldWarIIand1973,wasthemainreservecurrency.Underagoldstandard,eachcountryfixesthepriceofitscurrencyintermsof.Undera,centralbankmonetarypolicytools arepowerlesstoaffecttheeconomy'smoneysupplyoritsoutput.Asystemwhichgovernmentsmayattempttomoderateexchangeratemovementswithoutkeepingexchangeratesrigidlyfixedis.Halfwaybetweenthegoldstandardandapurereservecurrencystandardisthe.U.TrueorfalseAnycentralbanksaleofassetsautomaticallycausesthemoneysupplytodecline.()Ifcentralbanksarenotsterilizingandthehomecountryhasabalanceofpaymentssurplus,anyincreaseinthehomecentralbank'sforeignassetsimpliesandecreasedhomemoneysupply.()Underafixedexchangerate,centralbankmonetarypolicytoolsarepowerfultoaffecttheeconomysmoneysupply.()Theexpectationofafuturerevaluationcausesariseinforeignreserves.()Whendomesticandforeigncurrencybondsareimperfectsubstitutes,equilibriumintheforeignmarketrequiresthatthedomesticinterestrateequaltheexpecteddomesticcurrencyreturnonforeignbondssubtractariskpremium.()BetweentheendofWorldWarIIand1973,theexchangeratesystemwasoneinwhichexchangeratebetweenanytwocurrencieswerefloating.()Underthereservecurrencystandard,thecentercountryhastointervenetheexchangerate.()Thecentralbankcannegatethemoneysupplyeffectofinterventionthroughsterilization.()Asystemofmanagedfloatingallowsthecentralbanktoretainsomeabilitytocontrolthedomesticmoneysupply,butatthecostofgreaterexchangerateinstability.()Aworldsystemoffixedexchangeratesinwhichcountriespegthepricesoftheircurrenciesintermsofareservecurrencydoesnotinvolveastrikingasymmetry.( )m.Answerthefollowingquestions:Whygovernmentssometimeschoosetodevaluetheircurrencies?Howdoesfiscalexpansionaffectacountry 'soutputandthecentralbank'sbalancesheetunderfixedexchangerate?Canyouthinkofreasonswhyagovernmentmightwillinglysacrificesomeofitsabilitytousemonetarypolicysothatitcanhavestableexchangerates?Explainwhytemporaryandpermanentfiscalexpansionsdonothavedifferenteffectsunderfixedexchangerates,astheydounderfloating.QuizforChapter18 —21I.FillthefollowingblankswiththeproperwordorexpressionThechannelsofinterdependencedepend,inturn,onthemonetaryandexchangeratearrangementsthegoalsofinternalandexternalbalance.thatcountriesadopt-asetofinstitutionscalledthethegoalsofinternalandexternalbalance.Inopeneconomies,policymakersaremotivatedbySimplydefined,()requiresthefullemploymentofacountrysresourcesandSimplydefined,()requiresthefullemploymentofacountrysresourcesand3.Acountryissaidtobein()domesticpricelevelstability.3.Acountryissaidtobein()whenthesumofitscurrentanditsnoreservecapitalaccountsequalszero,sothatthecurrentaccountbalanceisfinancedentirelybyinternationallendingwithoutreservemovements..Thegoldstandardcontainssomepowerfulautomaticmechanismsthatcontributetothesimultaneousachievementofbalanceofpaymentsequilibriumbyallcountries.Thatmechanismsis()..( )isonecurrencythatmaybefreelyexchangedforforeigncurrencies.6、UndertheBretoonWoodssystem,( )or()can beusedtoinfluenceoutputandthushelpthegovernmentachieveitsinternalgoaloffullemployment.7、Fiscalpolicyisalsocalled(),becauseitalterstheleveloftheeconomy 'stotaldemandforgoodsandservices.;Theaccompanyingexchangerateadjustmentiscalled( ),Becauseitchangesthedirectionofdemand,shiftingitbetweendomesticoutputandimports.BrettonWoodssystemgive()theleadingpositionintheworldeconomy.BrettonWoodssystemrequirethatothercurrencyshouldpegwith( )Underthefixedratesystem,iftheexchangeratechange,theforeignreserveswill( )11、( )symmetryandexchangerateasautomaticstabilizersaretheadvantagesoffloatingratesystem.12、( )