昨天跟今天被同学抓去问国际金融 既然都写出答案了~乾脆就po出来好了 补上我用来画图的powerpoint档 powerpoint: http://www.badongo.com/cn/file/9833202 列印模式调讲义的话..印出来还不错 哈~ ---------------------------------------------------------------------------- 一.请以资本帐完全不能移动(β=0)的情形为例,说明为何在固定汇率制度下, 保护主义较盛行(例如:管制进口或提高进口关税),而在浮动汇率体制下却是 贸易自由化为主要的趋势.(20%) http://www.pbase.com/colacolafju01/image/98488988 _ 根据笔记 保护主义指的是T(Y*)↑ _ _ IS : Y=c+i+g+ca(T(Y*),Y,q) => T↑ 需 Y↑ 才能重达商品市场均衡 => IS右移 + (注意β=0) _ _ _ BP : 0= ca(T(Y*),Y,q) + k => T↑ 需 Y↑ 才能重达外汇市场均衡 => BP右移 + - A1点有BOP盈余: 1.固定汇率且央行冲销, DC↓,FER↑ ,LM不移动,均衡点为A1点,均衡所得水准为Yfix 2.固定汇率且央行不冲销, 外汇存底持续累积, LM右移, 均衡点为A2点 均衡所得水准为Yfixn 3.浮动汇率, 汇率下降, IS,BP左移回到A0点,均衡所得水准为Yflex 由此可知,浮动汇率下,保护主义完全无效,顾应让贸易自由化 固定汇率下,保护主义有效,所以保护主义较盛行 可以的话做个数学..老师会很感动 就做第一步就好了..後面的移动会牵扯到模型的设定...还是算了 所以只要解释一开始IS跟BP会右移,且BP的右移幅度比IS大就好了 _ IS: Y=c+i+g+ca = c0+mpc(Y-t)+i0-br+g0+T(Y*)+ψq-mpimY _ (1-mpc+mpim)dY=dc0-mpcdt+di0-bdr+dg0+dT(Y*)+ψdq _ _ dY/dT | = 1/(1-mpc+mpim) >0 所以T↑会造成IS右移 IS (β=0) _ _ BP: 0=ca+ka=T(Y*)+ψq-mpimY+k _ _ mpimdY=dT(Y*)+ψdq-mpimdY+dk _ _ dY/dT | = 1/mpim>0 所以T↑会造成IS右移 BP _ _ 且 dY/dT | = 1/mpim > 1/(1-mpc+mpim) dY/dT | BP IS 所以BP的右移幅度会比IS大 -------------------------------------------------------------------- 二.在资本完全移动(β→∞)下,若经济坡动的主要来源为投资意愿低落时, 请分别就浮动汇率与固定汇率制度下,比较其所得的影响效果.(20%) http://www.pbase.com/colacolafju01/image/98508921 i=i0-br 投资意愿低落是指i0↓ 在相同r水准下,i0↓→Y↓,使IS向左移 IS与LM交在A1点在BOP下方: BOP<0 (外汇市场有超额需求) 1.固定汇率 : 央行为弥补此超额需求去卖外汇(FER↓) => LM向左移动与IS,BP相交在A2,均衡所得水准:Yfixn 2.浮动汇率: 汇率上升造成IS右移回到A0点,均衡所得水准:Yflex 结论:投资意愿低落在固定汇率下使所得水准下降 在浮动汇率下对所得水准无影响 数学方面可利用上题IS全微分的结果..作投资意愿低落使IS左移 (1-mpc+mpim)dY=dc0-mpcdt+di0-bdr+dg0+dT(Y*)+ψdq dY/di0 | = 1/(1-mpc+mpim) >0 IS 所以在相同r水准下,i0↓会造成Y↓,IS会左移 ------------------------------------------------------------------ 建议写选择题前可以先画这五张图 画好可以秒杀一些题目 http://www.pbase.com/colacolafju01/image/98472873 http://www.pbase.com/colacolafju01/image/98472890 http://www.pbase.com/colacolafju01/image/98472905 http://www.pbase.com/colacolafju01/image/98472918 http://www.pbase.com/colacolafju01/image/98472930 Yfix指固定汇率且央行冲销 Yfixn指固定汇率且央行不冲销 但资本完全移动时,央行无力冲销所以只画Yfixn "a" 1. An IS-LM equlibrium that lies above the BP schedule represents a a. balance of payments surplus b. balance of payments equilibrium c. balance of payments deficit d. it is impossible to say without further imformation BP线左上方为BOP盈余 , 右下方为BOP赤字 _ _ 可以这样想: BOP= T(T(Y*),Y,q) + K(k,r-r*) - + 固定BP上一点的话(BOP=0) 往上 r较大(BOP>0) , 往下 r较小(BOP<0) 往右 Y较大(BOP<0) , 往左 Y较小(BOP>0) "c" 2. Which of these policy objectives is concerned with the country external balance? a. limiting the size of business cycle fluctuations b. maintaining low and stable inflation c. maintaining a balance of payments equilibrium d. limiting cyclical unemployment 外部均衡就是指外汇市场均衡吧,即国际收支均衡 "d" 3. What kinds of monetary actions will be ineffective in affecting real income? a. sterilized monetary policy in a fixed exchange rate regime b. nonsterilized monetary policy in fixed exchange rate regime c. fiscal policy in a fixed exchange rate regime d. nonsterilized monetary policy in a floating exchange rate regime http://www.pbase.com/colacolafju01/image/98472905 http://www.pbase.com/colacolafju01/image/98472930 这两个图都看得出来 "b" 4. According to the elasticities approach, the elasticities of the import demand and export supply curves determine how much the quantity of imports demanded and the quantity of exports supplied will change in response to a. a shift in consumer tastes b. a change in the exchange rate c. trade restrictions placed on imports and exports d. the business cycle 指Marshall-Lerner Condition ( θx+θim >1) 汇率上升(本币贬值)能使贸易帐提高 "d" 5. The idea that a country trade balance may first deteriorate after a currency devaluation and only later improve is known as the a. relative price effect b. elasticity effect c. pass through effect d. J-Curve 汇率上升(本币贬值)会让贸易帐下降之後再回升 把这情形画出来就是J-Curve 原因 T=X(q,y*)-qIM(q,y) q↑上面黄色的部分直接影响,所以贸易帐直接减少 之後才渐渐影响进出口 "a" 6. In a small open economy with perfect capital mobility, which of the following statements is true? a. Monetary policy is more effective with floating exchange rates than it is with fixed exchange rates b. Monetary policy is less effective with floating exchange rates than it is with fixed exchange rates c. Both monetary and fiscal policy are more effective with fixed exchange rates than with floating exchange rates d. Both monetary and fiscal policy are more effective with floating exchange rates than with fixed exchange rates http://www.pbase.com/colacolafju01/image/98472930 7. When exchange rates are allowed to float, the initial impact of a ^^^^^^^^^^^^^^^^^^ fiscal policy expansion is a. an increase in the interest rate, an increase in income, capital inflows and a decrease in net exports b. an increase in the interest rate, an increase in income, capital outflows and an increase in net exports c. a decrease in the interest rate, an increase income, capital inflows and a decrease in net exports d. a decrease in the interest rate, an increase income, capital outflows and an increase in net exports 这题出得怪怪的 扩张性财政政策先使IS向右移造成Y↑,r↑ 但资本流动方向与净出口要看BP与LM的相对斜率 这题资讯不足无法决定 所以我觉得没答案 "a" 8. The difference between real income and absorption is equal to the a. current account b. public budget deficit c. exchange-rate d. net national product y=real income=c+i+g+x a=absorption=c+i+g+m ca=x-m y-a=x-m=ca "b" 9. Under flexible exchange rates, monetary approach suggests that the spot exchange rate is determined by the a. currency board of the nation b. relative quantities of money supplied and demanded for the two countries c. ratios of foreign exchange held by the central banks d. activity related to the two currencies in question s s d s d m =M /P , m =ky , 均衡: m =m Ma/Pa=kaya Mb/Pb=kbyb => S=Pa/Pb= (Ma/kaya) / (Mb/kbyb) = (Ma/Mb) * (kbyb/kaya) Pa=SPb 所以..汇率主要决定於两国相对货币供给与需求 "d" 10.Under a fixed exchange rate, monetary approach suggests that a rise in the foreign price level will result in a a. balance of payments surplus b. balance of payments deficits c. devaluation of the domestic currency d. revaluation of the domestic currency P=SP* (PPP) P＜SP*↑ 所以汇率有下降的压力,本币revaluation "b" 11.A reduction in taxes will cause the a. IS curve shift left b. IS curve shift right c. LM curve shift left d. LM curve shift right t↓在相同r水准下造成c↑=>Y↑ 所以IS线右移 "c" 12.An increase in the real interest rate induces a. a leftward shift in the desired investment schedule b. a rightward shift in the desired investment schedule c. a leftward movement along the desired investment schedule d. a leftward shift in the IS schedule I=I(r) - 利率为投资厂房,设备等的机会成本,所以利率与投资成反向关系 讲义上是令I=i -br 0 利率下降只是在投资曲线上往左移 "d" 13.In an economy with less than perfect capital mobility and a fixed exchange rate, a fiscal expansion induces a. a balance of payments deficit b. a balance of payments surplus c. no change in the balance of payments d. a change in the balance of payments that is indeterminate in sign, depending on the slope of the BP and LM schedules IS移动後与LM相交的点 BOP的正负要由BP及LM的相对斜率来决定 "d" 14.How does a currency depreciation affect the country BP schedule? a. The BP schedule becomes steeper b. The BP schedule becomes flatter c. The BP schedule shifts to the left d. The BP schedule shifts to the right _ BP: 0=T(T(Y*),Y,SP*/P) + K(k,r-r*) - + S上升(本币贬值)使BOP↑,在相同r水准下,需Y↑使BOP↓才能达到外汇市场均衡 所以BP向右移 "d" 15.Under floating exchange rates and high capital mobility, the effects of a fiscal expansion on real output are a. magnified by a shift in the LM schedule b. mitigated by a shift in the LM schedule c. magnified by a shift in the BP schedule d. mitigated by a shift in the BP schedule http://www.pbase.com/colacolafju01/image/98472873 ※ 编辑: goshfju 来自: 59.112.81.16 (06/12 00:15)