课程名称︰货币银行 课程性质︰必修 课程教师︰陈南光 开课学院：社会科学院 开课系所︰经济系 考试日期（年月日）︰2008/6/18 考试时限（分钟）：110 是否需发放奖励金：是 感谢~ （如未明确表示，则不予发放） 试题 : Total 100 points You must answer question (1)-(3), and then choose 6 questions from (4)-(10) (1)(28pts)Monetary transmission channels (a)早期货币学派的实证研究采用reduce form方式估计，发现货币变动确实会影响GDP。 试举一例说明以上reduce form估计可能造成的谬误。 (b)简要说明货币政策如何透过Unanticipated price level channel影响投资。 (c)Comment on the statement"当利率接近零时，货币政策无法再透过利率影响实质经 济。" (d)We know that monetary policy affects short-term nominal interest rate, but investment depends on long-term real interest rate. So, how does the change of short-term nominal interest rate affect investment? (2)(12pts)Professor Chen estimates Taiwan's money demand function during 1951-1973 and 1974-1997 respectively and he got △ln m(t)=0.5△ln y(t)-0.05△ln R(t)+0.3△ln m(t-1)-0.001 1951-1973 △ln m(t)=0.1△ln y(t)-0.3△ln R(t)+0.3△ln m(t-1)-0.0014 1974-1997 where△lm m(t)=ln m(t)-ln m(t-1), m=M1/GDP deflator, y=real GDP (exclude intermediate transactions), R=90-days T-bill rate. (a)According to the difference in interest rate elasticities between the two periods 1951-73 and 1974-97, what is the implication for monetary aggregates as an intermediate target in these two periods? (b)According to the difference in interest rate elasticities between the two periods, what can you conclude about the behavior of consumers in using payment instruments over time in Taiwan? (3)(12pts)If an asset price can be identified, boom and busts of bubbles may cause large economics fluctuations. Explain the reasons (a)why some economists support central bank react to asset price bubbles; and (b)why some do not support. (4)(8pts)Briefly explain the difference between a Central Bank, a Currency Board and Dollarization regarding (a)The conduct of monetary policy (b)Seignorage revenues(铸币税) (5)(8pts)Theories of Demand for Money (a)Give an explaination when you observe that the income velocity decrease while the transaction velocity increases? (b)Explain how Keynes's and Friedman's theories of the demand for menoy explain the pro-cyclical movements in velocity. (6)(8pts)According to the article "Is There a Role for International Policy Coordination," briefly state and explain the recent findings that are different from those earlier views about the role of international policy coordinations. (7)(8pts)In the article "Argentina's Currency Crisis:Lessions for Asia," expalin why Argentina's adoption of currency board failed. (8)(8pts)In the article "The Financial Markets, Housing, and the Economy," briefly analyze the cause of sub-prime crisis from the follwoing aspects: (a)credit standards (b)complexity of securities (9)(8pts)Consider the article "Liquidity, Monetary Policy, and Financial Cycles." Suppose you observe that the banks' liabilities are more volatile than asstes. What does it imply for their lending behavior? (10)(8pts)Suppose yuor monthly income is Y=NT$40.000, which is deposited into a interest-bearing savings account automatically at the beginning of each month. Suppose that purchases must be made with cash, so you must withdraw money from the account to pay for purchases. Let the price level be 1. Denote: Y=beginning of the month nominal income, i=(monthly) deposit nominal interest rate, δ=transaction costs in nominal terms, Z= the amount of withdrawal each time. Suppose i=1% monthly, δ=NT$5 What is the monthly optimal number of withdrawals each month? And the average transaction demand for money each month? --

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