课程名称：货币银行学二︰ 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）：2011/01/17︰ 考试时限（分钟）：13:10~15:10 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Total: 100points (1) (15pts) 简要解释下列变动对於准备货币的立即影响 (1a) 新台币预期升值心理浓厚，外资大举汇入，央行干预阻升。 (1b) 美元不振，央行的外汇存底帐面(据悉)损失NTD$200亿。 (1c) The Central Bank raises the reserve requirement ratio. (2) (15pts) How would the followings affext the money multiplier? (2a) 企业风险上升，银行放款倾向保守。 (2b) 央行今日定期存单到期金额1000亿元，新发行金额900亿元。 (2c) 民众使用信用卡与电子转帐日愈普遍。 (3) (18pts) Monetary trasmission channels (3a) Early Monetarists used reduced form estimation to study the effect of money on GDP and found the effect to be significant. What are the problems of this method? (3b) Explain how an unanticipated general price decline(debt deflation) affects investment by way of the balance sheet channel. (3c) Under what conditions can the bank lending channel work? (4) (24pts) Monetary Policy (4a) What is the current federal funds rate target of the Federal Reserve? (4b) What are the main differences between the Fed's interest rate targeting currently adopted from the interest rate targeting exercised before? (4c) Briefly explain why the interest rate targeting adopted by the Fed during 1950s-1960s were considered as a pro-cyclical monetary policy? (4d) What lesson can be learn from using the nominal interest rate as a measure of tight or loose monetary policy? Explain. (5) (7pts) 简要说明为何美国Fed的货币政策中间目标在1987年由M1 targeting转向M2 targeting，并随後在1993年放弃monetary aggregate targeting。 (6) (7pts) Suppose your monthly income is NT$40,000, which is deposited into a interest-bearing saving account automatically at the beginning of each month. Suppose that purchases must be made with cash, so you must withdraw moeny from the account to pay for purchases. Let the price level be 1. Suppose that the monthly deposit nominal interest rate is 1% and the trasaction cose is NT$5. What is the monthly optimal number of withdrwals each month? And the average transaction demand for money each month? (7) (7pts) In the article"Argentina's Currency Crisis: Lessons for Asia." Argentina adopted the currency board regime in 1991 but abandoned it in early 2002 when the currency crisis erupted. Explain why Argentina failed to maintain the currency board regime. (8) (7pts) The bank panic during 1929-1933 in US caused the money supply to decrease by 25%. What are the factors that contribute to the decline in money supply? --

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