江西财经大学2019－2020学年第二学期期末货币银行学考试试卷

PagePAGE1江西财经大学2019－2020学年第二学期期末考试试卷试卷代码：12423A授课课时：48课时课程名称：货币银行学适用对象：国际学院学生试卷命题人试卷审核人PartI.Thisparthas20MultipleChoiceQuestionsandeachoneisworth1points.Thetotalpointsforthispartare20points.Pleasechooseonlyoneanswerforeachquestion.MoneysupplymodelstendtofocusonthemonetarybaseratherthanonreservessinceFedactionshavenoeffectonreservesbuthaveapredictableeffectonthemonetarybase.Fedactionsingeneralhavelittleeffectonreservesbuthaveapredictableeffectonthemonetarybase.Fedactionshaveamorepredictableeffectonthemonetarybase.noneoftheabove.Thepriceofafuturescontractattheexpirationdateofthecontractequalsthepriceoftheunderlyingasset.equalsthepriceofthecounterparty.equalsthehedgeposition.equalsthevalueofthehedgedasset.Iftheliquidityeffectislargerthantheothereffects,anincreaseinmoneygrowthwilllowerinterestrates.raiseinterestrates.causeinterestratestoriseinitiallybutthenfallbelowtheinitiallevel.causeinterestratestofallinitiallybutthenriseabovetheinitiallevel.Depositinsuranceattractsrisk-proneentrepreneurstothebankingindustry.encouragesbankmanagerstotakeongreaterrisksthantheyotherwisewould.reducestheincentivesofdepositorstomonitortheriskinessoftheirbanks’assetportfolios.doesalloftheabove.The_____arethecostsassociatedwithdepositoutflows,the_____excessreservesbankswillwanttohold.lower;morehigher;lesshigher;moreNoneoftheabove,sincedepositoutflowscannotbeanticipated.TheformulalinkingthemoneysupplytothemonetarybaseisM＝m＋MB..M＝m×MB.m＝M×MB.MB＝M×m.Ifinterestratesareexpectedtofallinthefuture,thedemandforlong-termbondstoday_____andthedemandcurveshiftstothe_____.rises;rightrises;leftfalls;rightfalls;leftMoneyisdefinedasbillsofexchange.anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebt.arisk-freerepositoryofspendingpower.theunrecognizedliabilityofgovernments.Federalreserveassetsincludegovernmentsecurities.bankreserves.currencyincirculation.alloftheabove.10)Usingtheone-periodvaluationmodel,assumingayear-enddividendof$0.50,anexpectedsalespriceof$50,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe$50.50.$50.00.$45.91.$45.00.11)Ifwealthdecreases,thedemandforcommonstocks_____andthatoflong-termbonds_____.increases;increasesincreases;decreasesdecreases;decreasesdecreases;increasesTheFedusesthreepolicytoolstomanipulatethemoneysupply:openmarketoperations,whichaffectthe_____;changesindiscountlending,whichaffectthe_____byinfluencingthequantityofdiscountloans;andchangesinreserverequirements,whichaffectthe_____.moneymultiplier;monetarybase;monetarybasemonetarybase;moneymultiplier;monetarybasemonetarybase;monetarybase;moneymultipliermoneymultiplier;moneymultiplier;monetarybaseWhichofthefollowingstatementsaretrue?Abank’sassetsareitssourcesoffunds.Abank’sliabilitiesareitsusesoffunds.Abank’sbalancesheetshowsthattotalassetsequaltotalliabilitiesplusequitycapital.Eachoftheabove.TheobjectivesoftheFederalReserveinitsconductofmonetarypolicyincludeeconomicgrowth.pricestability.highemployment.alloftheabove.Whichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.Banksarethemostimportantsourceofexternalfundstofinancebusinesses.Becauseitisamediumofexchange,moneya）discouragesspecializationandthedivisionoflabor.b)reducestransactioncosts.isnotallowedtoearninterest.doesonly(b)and(c)oftheabove.Whichofthefollowinglong-termbondscurrentlyhasthelowestinterestrate?CorporateAaabondsU.S.TreasurybondsCorporateAabondsCorporateBaabondsHoldingtheexpectedreturnonbondsconstant,anincreaseintheexpectedreturnoncommonstockswould_____thedemandforbonds,shiftingthedemandcurvetothe_____.decrease;leftdecrease;rightincrease;leftincrease;rightIfasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?9percent10percent11percent12percentDisadvantagesofusingreserverequirementstocontrolthemoneysupplyandinterestratesincludetheiroverly-powerfulimpactonthemoneysupply.creatingpotentiallendingproblemsforbankswithhighlevelsofexcessreserves.theiroverly-powerfulimpactonreservesandthemonetarybase.alloftheabove.PartⅡ.Thisparthas10TrueofFalseQuestionsandeachoneisworth1points.Thetotalpointsforthispartare10points.1Ifreserverequirementwereelimininated,itwouldbehardertocontrolinterestrates.2Thebasicactivityofbanksistoacceptdepositsandmakeloans.3Asamediumofexchangeiswhatdistinguishesmoneyfromotherassets.4Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.5Ifbondsofdifferentmaturitiesareclosesubstitutes,theirinterestratesaremorelikelytomovetogether.6Anefficientmarketisoneinwhichnooneeverprofitsfromhavingbetterinformationthantherest.7Theincomeeffectofanincreaseinthemoneysupplyisadecreaseininterestratesinresponsetothehigherlevelofincome.8Stocksarenotthemostimportantsourceofexternalfinancialforbusinesses.9Abankmaintainsbankcapitaltolessenthechancethatitwillbecomeinsolvent.10Ifthedemandformoneydidnotfluctuate,theFedcouldpursuebothamoneysupplytargetandaninterest-ratetargetatthesametime.PartⅢ.Thisparthas4KeyTermsQuestionsandeachoneisworth2.5points.Thetotalpointsforthispartare10points.Pleaseexplainbrieflyforeachkeyterm.1Discountwindow2MoneyMultiplier3Termstructureofinterestrates4LiquidityPartⅣ.Thisparthas5EssayQuestionsandeachoneisworth12points.Thetotalpointsforthispartare60points.(Pleasewritedownyouranswersasclearlyaspossible.IfIcan’treadyourhand-writing,Ineverassumeyouranswersareright)Explainthecompleteformulaforthemoneysupply,andexplainhowchangesinrequiredreserves,excessreserves,thecurrencyratio,thenonborrowedbase,anddiscountborrowingaffectthemoneysupply.Whyhasthedevelopmentofovernightloanmarketsmadeitmorelikelythatbankswillholdfewerexcessreserves?Assumethatnobanksholdexcessreserves,andthepublicholdsnocurrency.Ifabanksellsa$100securitytotheFed,show,usingT-accounts,whathappenstothisbankandtwoadditionalstepsinthedepositexpansionprocess,assuminga10%reserverequirement.Howmuchdodepositsandloansincreaseforthebankingsystemwhentheprocessiscompleted?DuringPresid