科目:货币银行 课本:Money the finacial system and the economy R.Glenn Hubbard 题目1: An investor makes the following remark: "I don't understand the junk bond market. Junk bonds have become more liquid. This should have made them more desirable and increased the demand for them. The increased demand should have driven their yields up, but in fact their yields have gone down. I guess investors just don't value liquidity." Do you agree with the investor's reasoning? 我的想法: 因为流动性提高 导致债卷的需求曲线上移 债卷价格提高 最後使实质利率和名目利率都下跌 故结论流动性提高导致债卷存量减少 投资者观点错误 这是解答上的结论 (不完全是正解) 问题是 为什麽价格上升会导致利率下降? 题目2 The federal goverment in the US has begun to ran a budget surplus . Use the loanable fund approad to show the impact of the U.S. budget surplus on the world real interest rate. 我的推论 当政府友预算盈余的时候 资金的需求会减少 所以Dlf线下移导致世界的利率下降 这样对吗? 题目3 Suppose that in a large open economy the quantity of loanable funds supplied domestically is initially equal to the quantity of funds demanded domestically. Then a change affect the quantity of loanable funds and the world real interest rate . Does this economy now borrow or lend internationally? 因为当公司被课税 预期获利即将下降 所以Dlf线也下移 国际资本市场利率Rw下降 然而在大型的开放经济体系 Rw会调整到 desired international leaning = desired international borrowing 故Rw还是上升 所以结论 会增加国外借款 是这样吗 -- Anything, without blind insistence, is right. --

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